Newfoundland MLS residential house prices surge

October 20, 2008 · Filed Under Market Trends and St. John's Real Estate · 1 Comment 

Third quarter average Newfoundland MLS residential house price surged 19% to $182,306 compared to $153,053 during the third quarter of 2007, with additional price growth expected throughout the remainder of this year and next.  Average price is closer to $200,000 in St. John’s, Mount Pearl and Paradise.

MLS® sales advanced 11% to 1,695 units compared to last year’s third quarter sales of 1,529 units. The monthly break down for the third quarter:  July, August and September MLS® sales were 610, 541 and 544, respectively.

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MLS totals show strong year-over-year growth in Newfoundland

April 2, 2008 · Filed Under Market Trends and St. John's Real Estate · 1 Comment 

According to statistics released by the Newfoundland and Labrador Association of REALTORS®, year-over-year residential and total MLS® sales activity once again showed an increase in the region.

Real estate transactions recorded through the Association’s MLS® system in February 2008 reached a total value of $39,801,664. That’s a three per cent decline from the amount in January 2008, however it is a 32 per cent increase from February 2007.

In all, 272 real estate transactions were recorded through the Association’s MLS® system this February. That’s three per cent more than the number recorded in January, and 27 per cent above the February 2006 total.

“Our year-over-year totals are up in all but one grouping – and that is in active residential listings,” said Association President Edwina Baldwin. “That’s a strong indication that listings are moving in the Newfoundland and Labrador region.”

The value of home sales recorded through the Newfoundland and Labrador Association of REALTORS® MLS® system this February was $35,996,114 - a five per cent decrease over January 2008 and a 29 per cent increase over February 2007.

There were 238 individual residential transactions recorded through the Association’s MLS® system this February. That is one per cent, or two properties more, than in January, and 20 per cent more than February 2007.

The average residential price sold through the Association’s MLS® system in February 2008 was $151,244 (entire Newfoundland and Labrador region). That’s six per cent below the average in January and eight per cent higher than the average in February 2007. The Association cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

The CREA forecast notes that MLS® average price increases will be smaller this year. In Newfoundland, the CREA forecast says 4,125 residential units will be sold through the MLS® system in 2008, a 0.2 per cent increase from 2007. The average MLS® residential price in Newfoundland is expected to increase 5.5 per cent in 2008, to $154,200.

There were 564 new residential listings added to the Association’s MLS® system this February – a 15 per cent increase from January 2008. As the month came to an end, there were 1,224 active residential listings on the Association’s MLS® system.

The Newfoundland and Labrador Association of REALTORS® was created in 2005. The Association represents more than 510 REALTORS® in all regions of Newfoundland and Labrador, providing professional support and a local Multiple Listing Service®. Listings can also be viewed on the national mls.ca web site (residential properties) and icx.ca (commercial and investment properties).

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Weekend Real Estate Reading

March 29, 2008 · Filed Under Real Estate Articles · 2 Comments 

With lots of great Real Estate Blog’s on the internet it’s hard to read them all. I have compiled a list of interesting topics from a few of the blogs I read daily.

Toronto Real Estate (Real Estate Intelligence) has an interesting article on how long should it take to sell your home?

Norm Fisher’s Saskatoon Real Estate Blog discusses CREA’s report on a slowdown of MLS sale’s nationally. It’s a little contradictory to our local real estate market, but remember the report is from all major cities across Canada. They peaked in home sales earlier then Newfoundland.

A common situation occurs during a real estate transaction when a fireplace, which was “thought” to be attached, was actually a removable, often times an electric fireplace. Edmonton’s Real Estate Blogger’s Sara MacLennan and Sheldon Johnston write about how not to get burned with removable fireplaces.

Did you sell your home and move in 2007? Can you claim all or a portion of your move on your income tax return? Well Mark Argentino from Mississauga fills in the blanks about the possibility of your moving expenses being tax deductible.

A common question we as Realtors are asked, is when is the best time of year to buy or sell real estate? Collingwood Blue Mountain Real Estate will give you the inside track for consideration.

It pays going green…..even on your mortgage. Canadian Mortgage Trends writes about how being environmentally friendly can save you money on your mortgage

A daily dose from Montreal includes a compiled list of headlines discussing a Canadian Credit Crunch

Have a super weekend!

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