St. John’s Real Estate Average House Prices for October 2014
Total # of MLS Listings = 994
Total # of Sales [Oct] = 432
Number of Active Listings for Sale in Newfoundland = 5384
Numbers are based on both residential and commercial listings/sales
Here is a break down by area for October:
St. John’s: Listings = 240 Sales = 67
Sales/Listings Ratio = 28%
Average sale price for a home in St. John’s: $358,225 for the month of October and the 12 month average $346,513
Mount Pearl: Listings = 38 Sales = 16
Sales/Listings Ratio = 42%
Average Sale Price (12 month average): $300,476
Paradise: Listings = 63 Sales = 25
Sales/Listings Ratio = 40%
Average Sale Price (12 month average): $350,679
East Extern: Listings = 64 Sales = 20
Sales/Listings Ratio = 31%
Average Sale Price (12 month average): $404,049
Conception Bay South: Listings = 48 Sales = 35
Sales/Listings Ratio = 73%
Average Sale Price (12 month average): $303,353
With only a small rise in inventory in 2010, the growth in prices in the existing home market was higher than expected (approx 15% since 2009). For 2011, average house prices are forecast to increase across Atlantic Canada from a high of close to four per cent in Newfoundland and Labrador (NL), three per cent in Nova Scotia (NS) and close to one per cent in New Brunswick (NB). Prices in Prince Edward Island (PEI) are expected to rise less than one per cent in 2011. Existing home sales are expected to decline modestly.
Sales declines will vary across Atlantic Canada from one per cent in NS, close to four per cent in NB and NL and nearly eight per cent in PEI.
Although the economic forecast remains positive, recent concerns regarding the global outlook have tempered the possibility of stronger growth in 2011.
For Newfoundland and Labrador, energy and mining development will continue to be the main source of future growth. Several major capital projects will continue to inject stimulus into the local economy and contribute to a positive outlook.
Growth in commodity prices has also provided a lift to mining companies in the interior of the province. Stronger income growth compared to the other three Atlantic provinces has also helped support the level of consumer spending, as well as the stronger than expected level of housing activity. The fishing industry will continue to pose a challenge for Newfoundland’s rural economies, but population losses will moderate over the forecast period due to improving economic conditions in St. John’s. Natural declines in offshore oil production will restrain GDP growth, although increased royalties received by the province will offset the effects of production declines on economic growth overall.