August MLS Newfoundland Stats

September 2, 2008 · Filed Under Monthly MLS Stats, St. John's Investments and St. John's Real Estate · 1 Comment 

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.

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St. John’s Investment properties have increased – when will the rents?

July 8, 2008 · Filed Under Market Trends, St. John's Investments and St. John's Real Estate · Comment 

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.

St. John\'s vacancy Rates

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.

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June Newfoundland MLS Stats

July 2, 2008 · Filed Under Monthly MLS Stats and St. John's Investments · 1 Comment 

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

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New Listing in Mount Pearl 23 St. Andrews Ave

June 16, 2008 · Filed Under New MLS Listings and St. John's Investments · Comment 

** 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.

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April Newfoundland Real Estate Stats

May 2, 2008 · Filed Under Monthly MLS Stats · Comment 

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

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St. John’s Remax Affordability Report 2008

April 24, 2008 · Filed Under Market Trends, Real Estate Articles, Remax Newfoundland, St. John's Investments and St. John's Real Estate · 1 Comment 

Although a recent report pegged St. John’s as one of the most affordable cities in the G7 nations, affordability is a growing concern. Buyers continue to face challenging market conditions, including unprecedented demand and extremely tight inventory levels.

Multiple offers are quite prevalent. It is not uncommon to see quality, new listings generate three to four offers after only a few days on the market, with most selling for more than list price. Bungalows are especially coveted.

Despite a sense of urgency in the marketplace, buyers remain quite determined. Most are willing to compromise by way of necessity, while others ante up more money to compete. Some entry-level purchasers are sitting on the fence, waiting for more product to come on stream with the Spring market and better weather.

Currently, average price in Greater St. John’s hovers at $172,000. Although the St. John’s downtown core has more affordable options, most purchasers prefer Woodlands, Cowan Heights, and Mount Pearl, where three-bedroom, resale homes start from $180,000.

Condominiums are a viable alternative, but this type of product is popular with only a small percentage of first-time buyers. St. John’s Condos can start from $100,000 for a one-bedroom unit in an old military conversion to $130,000 for a two-bedroom in an older building in the northwest end of the city. Duplex product, though limited, is also growing in demand, and more units are coming on stream.

The least expensive sales recorded to date in St. John’s include a detached home with some new upgrades that changed hands for $140,000 and an 800 sq. ft. condo apartment that sold for $95,100 in an older, but renovated, building. Both were located in the city’s east end.

With average prices forecast to experience double-digit momentum yet again this year, it is expected that the first time buyer segment will remain very active as purchasers try to buy in before prices rise further.

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Water Tax May Be Going Up

April 7, 2008 · Filed Under Local St. John's and St. John's General · Comment 

A $700 water tax may not be far off in St.John’s. The capital city is scrambling to find money to cover cost over-runs and cost increases associated with the harbour cleanup project. The topic is expected to come up again this evening at the weekly council meeting as members of council try to find ways around the problem. The extra $40 million will be cost-shared among St.John’s, Mount Pearl, and Paradise, but the three municipalities hope they will have help from the federal and provincial governments. Neither government has committed yet. Right now the water tax is about $440 a year per household but that could go up to $692 next year, and, city staff have done their homework. They note that even with the increase, water rates in St.John’s wouldn’t be far off those charged by other cities in Canada.

Source – Water Tax May be Going Up (www.vocm.com)

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