**SALE PENDING** 189 Park Ave is a well maintained bungalow with many upgrades over the last few years (vinyl windows, vinyl siding, roof covering, exterior doors, trim package, outside deck) The electrical service was upgraded within the last three years to a 200 amp service and has electric heat. Large eat in kitchen with oak cabinets. Living room and hallway has hardwood floors and there is ceramic flooring in the kitchen and porch. The main floor has two bedrooms and a small den. Main floor laundry. Located on a large lot with mature trees and plenty of potential for a gardener. Pride of ownership is evident. Asking price is $194,900 REDUCED: $189,900.  Contact Fraser or Stephen Winters for more information.

Click here for a virtual tour of 189 Park Ave

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

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 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%

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.

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

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.

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.

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.

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

** SOLD ** 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.