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St. John's Newfoundland is one of North America’s oldest cities. Spectacular coastlines, panoramic views, outdoor adventure, rich history and culture await all who live here.
Stephen & Fraser Winters your RE/MAX real estate agents for St. John's. Buying, selling or relocating to St. John's Newfoundland? Put the successful Father and Son Realtor team to work for you. Fraser and Stephen will show you the smart approach to buying and selling St. John's Real Estate.
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STEPHEN 709.682.9045
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Since Chevron signed the multibillion-dollar memorandum of understanding to develop the Hebron offshore oilfield project back in August 2007, St. John's real estate and surrounding areas have gained favorable optimism and increases in residential homes. Looking to sell you home for TOP DOLLAR? Contact Fraser and Stephen Winters for your free, confidential Home Market Evaluation
This real estate blog is written by Fraser & Stephen Winters. We both are full time successful top producing RE/MAX Realtors in St. John's, Newfoundland. The information contained on this website is from sources believed to be reliable. However, it may be incorrect. This information should not be relied upon without personal verification. We assume no responsibility for its accuracy. This information is not intended to solicit clients already under contract. For more information about us visit our website.
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St. John’s Real Estate Market Posts Strong First Quarter in 2010
Historically low mortgage rates, combined with strong economic and demographic trends, buoyed local demand for housing in the first quarter of this year. January to March housing starts posted record results, while existing home sales and prices both continued to advance.
Overall, the St. John’s real estate market was supported by growth in employment, income and population, healthy consumer spending and on-going economic momentum spurred by the local oil sector.
Residential construction activity posted record results during the January to March period, due in part to an unseasonably mild winter. New home prices also advanced in line with the general market trend. First quarter housing starts activity increased 15 per cent, with 246 starts versus 214 in 2009’s first quarter. Single-detached starts increased by 23 units or 20 per cent, with 199 starts recorded versus 166 during the first three months of last year.
The multiple starts segment was flat, with 47 starts during the quarter compared to 48 a year ago. The only sub-market which reported increased construction activity was the St. John’s City submarket during the January to March period (104 starts compared to 88 a year ago), with Mount Pearl posting 15 starts versus 17 during 2009’s first quarter and Paradise recording 62 versus 65 a year ago. Conception Bay South (CBS) recorded 22 starts in the first quarter, consistent with 2009’s first quarter while starts in Torbay remained flat after this first quarter with 14. In the remainder of the CMA, starts increased from eight in the first three months of 2009 to 29 this year.
Price growth continued, with the average new house price increasing in all submarkets. In fact, the average price of a new home surpassed the $325,000 mark in St. John’s City and the $350,000 mark in Torbay. Average sales price ($354,333) and average sales growth (26.4 per cent) were highest in the Torbay submarket of the St. John’s CMA. The average new single-detached house price for the overall St. John’s CMA increased nearly 20 per cent to a record $311,638 compared to $259,990 during the first quarter of 2009. CBS posted the lowest average new house price of $248,328 during the quarter. Paradise had the second highest rate of new house price growth in the first quarter at 25.1 per cent to $333,388.
Throughout the St. John’s area, approximately 47 per cent of all new construction activity fell within the $300,000 plus range during the quarter. The largest growth in market share occurred in the $400,000+ segment. Overall, new home price growth remained brisk throughout the quarter.
SOURCE: CMHC Housing Now St. John’s CMA
Mount Pearl Home for sale – 26 Michener Ave
New listing in Mount Pearl. This fantastic home with essentially nothing to do but move in! A great little property with vinyl windows, vinyl siding, some new laminate flooring and a new recroom in basement. Main floor family room is bright and cozy. 3 bedrooms on second floor. Main bathroom has lots of upgrades. Front and rear deck as well as a fenced rear yard. Asking price is $144,900. MLS # 144825 Call Stephen or Fraser Winters for more information. 709.682.9045 or 709.682.9245
December St. John’s Newfoundland MLS stats
December is typically a slower month for real estate and the stats for this month show it. Christmas, and the preparation for Christmas takes up most of the month. For the most part, the buying and selling of homes is left to those that have no choice but to keep the house hunting active.
This month, Newfoundland’s Real Estate MLS housing price break down is showing a whopping 18% decrease in sales while listings this month show an increase of 16%. Year to date, listings are up slightly by 3% and sales up 7% compared to this time last year.
Total # of New MLS Listings [Dec] = 357
Total # of Sales [Dec] = 312
Number of Active Listings in the NLAR MLS System = 2065
The average price of a home in the St. John’s Real Estate market is now $195,970 2008. Compared to $173,844 YTD for 2007. Note this is for ALL Newfoundland (nlar.ca)
Here is a break down by area for the month of December
St. John’s Real Estate: Listings = 73 Sales = 5 Sales/Listings Ratio = 7%
Average Sale Price: $202,896
Mount Pearl Real Estate: Listings = 11 Sales = 0% Sales/Listings Ratio = 0%
Average Sale Price: no sales for this month so $190,662 is YTD
Paradise Real Estate: Listings =29 Sales = 2 Sales/Listings Ratio =7%
Average Sale Price: $273,850
East Extern Real Estate: Listings = 14 Sales = 3 Sales/Listings Ratio = 21%
Average Sale Price: $225,674
Conception Bay Real Estate: Listings = 15 Sales = 1 Sales/Listings Ratio = 7%
Average Sale Price: $201,814
The yard to date sales/listings ratio is 54%
Vacancy Rate for St. John’s, Mount Pearl and surrounding areas
The vacancy rate within the St. John’s, Mount Pearl areas was lower in 2008 and average rents increased across the board. This marks the second consecutive decline in the vacancy rate and largely reflects the impact of brisk economic activity and strong employment levels. Growth in residential construction activity, combined with record MLS® sales and a tight supply of existing homes for sale, translated into substantial price growth, making the transition from renting to home ownership challenging for renter households.
The vacancy rate for St. John’s and area was a low vacancy rate of 0.8 per cent. This represents a decrease
of 1.8 percentage points from the 2.6 per cent vacancy rate recorded in 2007 and marks the second time since 2003 in which the vacancy rate decreased. At 0.8 per cent, the vacancy rate reached its lowest level since 1980.
Monthly rental rates increased slightly for St. John’s by 3.8%. The average two bedroom rent currently stands are $630 monthly.
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.
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
- Canadian real estate
- Home Builders Association
- Atlantic Home Warranty
- Homeplus Online
Recent Entries
- Cabin for Sale on Northern Rocky Pond – Southern Shore Newfoundland
- St. John’s Newfoundland Real Estate July MLS Stats
- St. John’s Real Estate July Housing Starts
- New listings near downtown St. John’s 37 Golf Ave
- Investment property in St. John’s near Memorial University of Newfoundland – 39 Weymouth
- RE/MAX St. John’s & Area Market Share for January to June 2010
- New Listing in Bauline 47a Pouch Cove Line – $209,900
- CMHC St. John’s Area June Housing Starts
- St. John’s Newfoundland Real Estate June MLS Stats
- Executive Home for sale in Paradise – 26 Clarke’s Hillview Street
Mortgage Rates
