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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
Newfoundland MLS residential house prices surge
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.
August MLS Newfoundland Stats
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.
St. John’s Investment properties have increased - when will the rents?
For the last few years 2-apartment homes have been increasing in demand and in price, particularly in the past 6 months. The majority of investment properties in the St. John’s, Mount Pearl, Paradise real estate market have been selling in days, with multiple offers and selling well over the asking price. This time last year your standard 2-apt home was around $180,000 to $199,000. Currently they are $220,000 to $240,000 (East End St. John’s) and can be built new for approx $260,000.
The bases behind people purchasing a 2-apt is obviously as an investment, to have the rental income greater then the expenses and create a positive cash flow. Last years price of $180,000 your monthly mortgage would be approx $1050 (assuming a 5% mortgage rate). In today’s market, your $240,000 investment mortgage payment is approx $1400. (again assumed 5% interest rate). That’s a $350 dip into your cash flow.
When will the rents increase locally? I haven’t seen them increase in quite some time. Average rentals are approximately $900 for a main floor 3 bedroom unit and about $600 for a basement apartment. At those rentals, you are left with a $100 positive cash flow and you haven’t included property taxes and other investment property expenses.
Another factor is the average price in St. John’s and surrounding areas have increased for a single dwelling. June MLS stats show the average price for a single dwelling home in St. John’s is approx $190,000, considerable higher then the average price from 2007. First time buyers are being pushed out of the real estate market and are being forced to rent, creating an even further demand for investment properties. St. John’s vacancy rate was 2.6 per cent in December 2007 compared to 5.1 per cent in 2006. (Forecast for 2008 is slightly lower vacancy rate according to CMHC). This marks the first decline in the vacancy rate since 2003 and largely reflects the impact of a decrease in the home ownership rate among first-time buyers and increased economic activity.
It’s only a matter of time….but the rents have to increase.
June Newfoundland MLS Stats
Total # of Listings [Jun] = 963
Total # of Sales [Jun] = 476
Number of Active Listings in the NLAR MLS System = 2580
Listings are almost on par for the same time for 2007 but the sales are up 12% year to date.
There were a good number of new listings for the St. John’s, Mount Pearl and surrounding areas in June. Buyers still out number the sellers as noted from the number of sales which is up again this month. Two apartment homes and investment properties are in high demand. Single Family homes in East End St. John’s are short in supply.
Most of the new sub divisions for St. John’s (Clovelly Trails, Roncolli Estates, East Point Landing) are in building demand. Pine Ridge Creek in Torbay will soon open up the new phase.
Here is a break down by area for the month of June for single family homes
St. John’s Real Estate: Listings = 173 Sales = 103 Sales/Listings Ratio = 60%
Average Sale Price: $191,024 ($184,730 for April)
Mount Pearl Real Estate: Listings = 23 Sales = 26 Sales/Listings Ratio = 113%
Average Sale Price: $202,627
Paradise Real Estate: Listings =35 Sales = 37 Sales/Listings Ratio = 106%
Average Sale Price: $216,424
East Extern Real Estate: Listings = 32 Sales = 21 Sales/Listings Ratio = 66%
Average Sale Price: $192,465
Conception Bay Real Estate: Listings = 49 Sales = 28 Sales/Listings Ratio = 57%
Average Sale Price: $198,352
New Listing in Mount Pearl 23 St. Andrews Ave
2 apartment home on a large corner of St. Andrews Ave and First Street in Mount Pearl. Both units currently rented.
Large main unit has 2 bedrooms and undeveloped basement. Apartment is above ground and has two bedrooms. Mostly new Vinyl windows throughout. Some hardwood floor in main apartment. Great investment property. Asking $169,900 Call Fraser or Stephen Winters for a viewing.
April Newfoundland Real Estate Stats
Total # of Listings [Apr] = 932 (Up 7% from April 2007)
Total # of Sales [Apr] = 332 (Up 24% from April 2007)
Number of Active Listings in the NLAR MLS System = 2430
Inventory this month but so did the number of sales.Expired listings have declined by 23% Properties are still selling VERY fast and multiple offers are common in this sellers market.
Here is a break down by area for the month of April for single family homes
St. John’s Real Estate: Listings = 155 Sales = 84 Sales/Listings Ratio = 54%
Average Sale Price: $173,530 ($184,730 for April)
Mount Pearl Real Estate: Listings = 36 Sales = 16 Sales/Listings Ratio = 49%
Average Sale Price: $153,657
Paradise Real Estate: Listings = 43 Sales = 26 Sales/Listings Ratio = 60%
Average Sale Price: $188,460
East Extern Real Estate: Listings = 41 Sales = 22 Sales/Listings Ratio = 54%
Average Sale Price: $189,484
Conception Bay Real Estate: Listings = 45 Sales = 21 Sales/Listings Ratio = 47%
Average Sale Price: $165,735
Recommended Real Estate Links
- Fraser and Stephen Winters
- Remax St.John's
- Terry Kelly
- St. John's MLS Listings
- Carter Home Designs
- St. John's Newspaper
- VOCM Local News
- CBC Newfoundland
- Eastern School District
- St. John's Weather
- St. John's Board of Trade
Real Estate Sites
- Search MLS.ca
- St. John's Listings
- Globe & Mail Real Estate
- Real Estate Blogs Directory
- Home Builders Association
- Atlantic Home Warranty
- Homeplus Online
Recent Entries
- New Subdivision in Pleasantville
- Vacancy Rate in St. John’s Decreases
- St. John’s Fall Housing Market
- Canada Real Estate News Roundup #2
- October Newfoundland Real Estate MLS Stats
- Are we seeing a slow down in the Newfoundland real estate market?
- St. John’s Housing Starts Increase in September
- New listing in Paradise - 154 Elizabeth Drive
- Canadian Real Estate News Roundup
- Sellers Market in St. John’s Keeps Active Listings Down
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