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October Newfoundland Real Estate MLS Stats

The monthly Newfoundland Real Estate MLS housing price break down is showing a 1% decrease in listings this month and an increase of 21% in home purchases. Year to date, listings are up slightly by 1% and sales up 14% compared to this time last year. Interestingly, the total dollar value in sales was up 47% for the month of October.

Total # of New MLS Listings [Oct] = 764

Total # of Sales [Oct] = 636

Number of Active Listings in the NLAR MLS System = 2595

The average price of a home in the St. John’s Real Estate market is now $187,636 year to date for 2008. Compared to $167,847 YTD for 2007. Remember this is for ALL Newfoundland (nlar.ca)

Here is a break down by area for the month of October

St. John’s Real Estate: Listings = 186 Sales = 136 Sales/Listings Ratio = 73%

Average Sale Price: $202,896

Mount Pearl Real Estate: Listings = 15 Sales = 17 Sales/Listings Ratio = 113%

Average Sale Price: $186,612

Paradise Real Estate: Listings =31 Sales = 36 Sales/Listings Ratio =116%

Average Sale Price: $234,681

East Extern Real Estate: Listings = 28 Sales = 32 Sales/Listings Ratio = 114%

Average Sale Price: $219,193

Conception Bay Real Estate: Listings = 47 Sales = 40 Sales/Listings Ratio = 85%

Average Sale Price: $231,552

Tags: active listings, Mount Pearl, New MLS Listings, paradise, St. John's Real Estate

Sellers Market in St. John’s Keeps Active Listings Down

October 21, 2008 · Filed Under St. John's Real Estate · Comment

Unprecedented demand for housing has driven active St. John’s residential listings approximately 42% lower to the end of the third quarter. Active listings for July, August and September were 1,921, 1,693 and 1,524, respectively with new listings of 870, 632 and 744, respectively. New listings increased 6% during the third quarter, but the dramatic decline in active listings kept overall listings low.

There were 2,246 new residential listings during the third quarter compared to 2,120 during the same period last year. With sellers conditions, active listings averaged just 1,713 from July to September versus 2,756 during the third quarter of 2007.

Sales to active listings ratio hit 36% in September and averaged 33% during the third quarter versus 19% the third quarter of 2007.

Bank of Canada cut its rate 50 basis points (0.5%) October 8th, making it a full 2% in cuts since December 2007. Bank rate currently sits at 2.50% with the prime lending rate ranging from 4.25% to 4.35% at Canadian banks (as of October 17th). Quite possible that the Bank of Canada could cut its rate again by another 50 basis points by the end of this week lowering the lending rate to 2.00%

Tags: active listings, st. john's

September Newfoundland Real Estate Stats

October 2, 2008 · Filed Under First Time Buyers, Home Maintenance, Monthly MLS Stats, Mount Pearl Listings and St. John's Real Estate · Comment

The monthly Newfoundland Real Estate MLS housing price break down is showing an increase of 6% in listings this month and an increase of 27% in home purchases. Year to date, listings are up 1% and sales up 13% compared to this time last year. Properties sold in St. John’s in the $180,000 to $350, 000 range have doubled in number of units sold.

Total # of New MLS Listings [Sept] = 834

Total # of Sales [Sept] = 606

Number of Active Listings in the NLAR MLS System = 2587

The average price of a home in the St. John’s Real Estate market is now $183,929 year to date for 2008. Compared to $165,813 9YTD) for 2007. Remember this is for ALL Newfoundland (nlar.ca) Prices are closer to the $200,000 average in St. John’s, Mount Pearl and surrounding areas.

Here is a break down by area for the month of September for single family homes

St. John’s Real Estate: Listings = 178 Sales = 122 Sales/Listings Ratio = 67%

Average Sale Price: $192,575

Mount Pearl Real Estate: Listings = 21 Sales = 24 Sales/Listings Ratio = 114%

Average Sale Price: $177,445

Paradise Real Estate: Listings =52 Sales = 32 Sales/Listings Ratio = 61%

Average Sale Price: $210,327

East Extern Real Estate: Listings = 43 Sales = 25 Sales/Listings Ratio = 54%

Average Sale Price: $219,413

Conception Bay Real Estate: Listings = 41 Sales = 41 Sales/Listings Ratio = 100%

Average Sale Price: $197,360

Tags: active listings, conception bay real estate, mount pearl Estate, newfoundland MLS, newfoundland real estate, paradise Real estate, St. John's Real Estate

August MLS Newfoundland Stats

September 2, 2008 · Filed Under Monthly MLS Stats, St. John's Investments and St. John's Real Estate · 1 Comment

Newfoundland MLS listings for August were down from the same time in 2007. Approximately a 16% decrease, however there was a 4% increase in properties sold for August 2008 vs August 2007 and a 10% increase in sales for 2008 year to date. This decrease in listing inventory and increase in properties sold is putting added pressure on selling prices. The supply and demand curve is still showing a sellers market.

One point to note: I’ve notice a big decrease in the properties sold in the $100,000 to $200,000 range and a large increase in properties sold over the $200,000 mark. Particularly the $260,000 to $349,900 range.

Total # of New MLS Listings [Aug] = 758

Total # of Sales [Aug] = 595

Number of Active Listings in the NLAR MLS System = 2675

Our Real Estate system is not showing the stats for my normal monthly Newfoundland MLS housing price break down by real estate area.

What I can report is for all of Newfoundland, the average sales price is $170,482 year to date for 2008. Compared to $147,201 for 2007. Remember this is for ALL Newfoundland (nlar.ca) Prices are closer to the $200,000 average in St. John’s, Mount Pearl and surrounding areas.

Tags: active listings, Mount Pearl, newfoundland, nlar, properties sold, real estate, st. john's

St. John’s Resale Market remains as Sellers Market

July 18, 2008 · Filed Under Market Trends, Real Estate Articles and St. John's Real Estate · Comment

MLS® sales advanced 9.3 percent to 1,084 units compared to last year’s second quarter sales of 992 units.

April, May and June MLS® sales were 308, 346 and 430, respectively

Second quarter average MLS® residential house price surged 16 percent to $169,734 compared to $146,509 during the second quarter of 2007, with additional price growth expected throughout the remainder of 2008.

There were 2,243 new residential listings during the second quarter compared to 2,344 during the same period last year

With sellers conditions, active listings averaged just 1,540 from April to June versus 2,750 during the second quarter of 2007.

Sales to active listings ratio hit 26.3 percent in June and averaged 23.5 per cent during the second quarter, nearly double the 12 percent level recorded a year ago.

Sellers Market Keeps Active Listings Down

High demand for housing has driven active residential listings much lower since mid 2007, making it increasingly difficult for some REALTORS® to obtain listings

Active listings for April, May and June were 1,411, 1,573 and 1,633, respectively

New listings decreased 4.3 percent during the second quarter and are down 4.1 percent so far this year as some sellers hold out for further price appreciation.

Bank of Canada has cut rates 150 basis points (1.50 percent) since December 2007 and will remain on hold for most of 2008

Bank rate currently sits at 3.00 percent with the prime lending rate at 4.75 percent.

One and five-year fixed mortgage rates are forecast to remain within the 6.70-7.25 and 7.00-7.50 per cent range, respectively, in 2008 and 2009, while some variable rate mortgages will remain as low as 4.10 percent

Tags: active listings, Mortgages, prime lending rate, sellers market

MLS Trends St. John’s First Quarter

April 17, 2008 · Filed Under First Time Buyers, Market Trends, Monthly MLS Stats, St. John's Investments and St. John's Real Estate · 1 Comment

MLS Residential Sales Post Solid First Quarter

MLS® residential sales increased 14.3 per cent to 713 units compared to last year’s first quarter sales of 624 units

January, February and March MLS® sales were 236, 238 and 239, respectively and were held back by a lack of active listings

Driven by low inventory, the first quarter average MLS® house price jumped 13.6 per cent to a record $156,953 compared to $138,167 during the first quarter of 2007

Resale Market Classified as Sellers

The resale market headed quickly to a sellers classification last Fall and remained there throughout the first quarter of 2008

Average time-on-market trended lower during the quarter, strong price growth continued and many choice properties enjoyed multiple purchase offers

Current trends indicate the market will favor sellers once again during the second quarter, but an expected improvement in active listings may provide some relief for buyers

Active Listings Remained Low

After falling nearly a half by January, active listings rebounded slightly during February and March, but remained low, restricting unit sales growth accordingly

The supply of active residential listings averaged approximately 1,150 during the first quarter compared to almost double that number at 2,100 a year ago

First quarter new listings were near last year’s first quarter level of 1,600, while active listings retreated 45 per cent compared to the first quarter of 2007

Mortgage Rates to Remain Low

With U.S. recessionary pressures continuing, the Bank of Canada is widely expected to cut rates 50 basis points by June 10th

Accordingly, mortgage interest rates are expected to remain low in 2008 and start to creep higher in 2009 as investors gain more confidence in financial markets