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

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