As the end of 2011 came to a close we saw the “normal” slow down leading up to Christmas.  Typically new listings and offers slow til after the holidays yet the stats for “sales closed” increase. You can see this below as most of the listing to sales ratios for selected areas are well over 100%.
2011 ended up being a good year for real estate in St. John’s.  We saw modest gains and lots of the listing inventory dried up.  Expired listings were well up from previous years.  Average time on the market for a house as 2011 ended was approximately 70 days. It’s still officially a buyers market according to the latest CMHC report, but my thoughts are it will become a nicely balanced market as we approach spring/summer. Let’s hope we actually get a summer this year in St. John’s unlike last year.

As I mentioned last month, there are still a lot of buyers in the market place. RE/MAX’s Canadian Housing Market Estimates for 2012 state that we should see a 5% increase in housing price for St. John’s and surrounding area this year.

Don’t forget to contact us for a free market evaluation on your home.


Total # of MLS Listings [December] = 429 (based on residential stats)
Total # of Sales [December] = 408
Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2942

Here is a break down by area for the month of December

St. John’s Real Estate: Listings = 68   Sales = 108 Sales/Listings Ratio = 159%
Average sale price for a home in St. John’s: $312,372 for the month of December and the 12 month average $292,701

Mount Pearl Real Estate: Listings = 9 Sales = 15  Sales/Listings Ratio = 167%
Average Sale Price (12 month average): $259,857

Paradise Real Estate: Listings =28 Sales = 29 Sales/Listings Ratio =104%
Average Sale Price (12 month average): $326,084

East Extern Real Estate: Listings = 21 Sales = 17  Sales/Listings Ratio = 81%
Average Sale Price (12 month average): $317,160

Conception Bay South Real Estate: Listings = 22   Sales = 24  Sales/Listings Ratio = 109%
Average Sale Price (12 month average): $271,932

The number of home sales in St. John’s increased in November to 477.  This is up 30% from November 2010.  There was a fair amount of activity this month compared to the previous months.   Listings were up only 2% and expired listings dropped back to 10%, but it was the 30% gain in sales for November made a huge difference to our market place.  It’s good to see expired listings  slowly dropping to normal levels.   With lots of buyers in the market place we should see a fairly active beginning to 2012 in St. John’s.

RE/MAX released their Canadian Housing Market Estimates for 2012 and prices for a house in St. John’s and surrounding area is estimated to increase by 5% in 2012.

Don’t forget to contact us for a free market evaluation on your home.

Total # of MLS Listings [November] = 754 (based on residential stats)

Total # of Sales [November] = 477

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3600

Here is a break down by area for the month of November

St. John’s Real Estate: Listings = 144   Sales = 114 Sales/Listings Ratio = 79%

Average sale price for a home in St. John’s: $292,747 for the month of November and the 12 month average $290,428

Mount Pearl Real Estate: Listings = 18 Sales = 23  Sales/Listings Ratio = 128%

Average Sale Price (12 month average): $260,357

Paradise Real Estate: Listings =38 Sales = 45 Sales/Listings Ratio =118%

Average Sale Price (12 month average): 325,088

East Extern Real Estate: Listings = 33 Sales = 20  Sales/Listings Ratio = 61%

Average Sale Price (12 month average): $313,363

Conception Bay South Real Estate: Listings = 37   Sales = 32  Sales/Listings Ratio = 65%

Average Sale Price (12 month average): $273,702

Average price of real estate in St. John’s has increased slightly again this month. Average price of a home in St. John’s is hovering around $288,000.  For most of the year listings have been on the increase and sales at a decrease but we are starting to see a shift in the market now.  Listings are slowly decreasing and sales are starting to pick up.  We are up 11% this month compared to 2010 but there is virtually no change on a year to date perspective.  There are lots of buyers in the market place and we are still classified as being in a “buyers market” according to CMHC. Average sales price for a home in Newfoundland is now $248,678 up from the mid 230′s from last year.  The bulk of the sales are in the 260k to 350k price range. Expired listings are up still from last year, by 25%  Contact us for a free market evaluation on your home.

Total # of MLS Listings [October] = 813 (based on residential stats)

Total # of Sales [October] = 514

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3778

Here is a break down by area for the month of October

St. John’s Real Estate: Listings = 162   Sales = 102 Sales/Listings Ratio = 63%

Average sale price for a home in St. John’s: $296,165 for the month of October and the 12 month average $288,291

Mount Pearl Real Estate: Listings = 30 Sales = 25  Sales/Listings Ratio = 83%

Average Sale Price (12 month average): $262,379

Paradise Real Estate: Listings =59 Sales = 40 Sales/Listings Ratio =68%

Average Sale Price (12 month average): $318,443

East Extern Real Estate: Listings = 45 Sales = 26  Sales/Listings Ratio = 58%

Average Sale Price (12 month average): $309,886

Conception Bay South Real Estate: Listings = 48   Sales = 31  Sales/Listings Ratio = 65%

Average Sale Price (12 month average): $270,910

The St. John’s housing market slowed as expected during the second quarter of 2011. Here is CMHC’s Housing Now Report.

The current price environment, combined with a significant inventory of unsold homes, contributed to reduced housing market activity during the second quarter of 2011. New home construction was flat and the MLS® residential market posted a decline in sales. Average prices in both the new and existing markets continued to advance. From an economic perspective, growth in population, income and employment continued to add support to the local housing market.

New Home Construction Flat
Residential construction activity was flat throughout the St. John’s area during the second quarter. New home prices, however, continued to advance compared to the same period in 2010. Total housing starts were down approximately one per cent, with 572 starts versus 576 in 2010’s second quarter. However, there were only 387 single-detached starts compared to 499 during the second quarter of 2010, which represents a 22 per cent decline for this segment. This was offset by higher multiple starts activity, with a total of 185 units during the quarter compared to 77 a year ago. The multiple segment was led mainly by 174 starts in the form of apartments (basement) and condos.

MLS® Residential Market Favours Buyers
A modest decline in sales and higher inventory saw the market remain favourable for buyers during the second quarter. In terms of resale market characteristics, buyers had a much broader choice of homes with available inventory approximately 34 per cent higher than a year ago. Listings remained on the market for an average of 70 days, while prices continued to show gains compared to the April to June period of 2010. Despite higher inventory, offers came in at approximately 98 per cent of asking price. For the St. John’s area, there were 2,145 new residential listings compared to 1,876 during the same period last year. Active listings averaged 1,971 per month, versus 1,472 per month during the second quarter of 2010. The sales-to-active listings ratio averaged 14 per cent compared to 20 per cent during the same period a year ago.

MLS® Prices Increase Despite Sales Decline
With existing home sales lower and inventory higher throughout the St. John’s area, the average MLS® residential price still showed growth compared to the same period in 2010. The number of MLS® sales declined 10.5 per cent with 803 sales compared to 2010’s second quarter total of 897 units. The average MLS® residential price in the St. John’s CMA was 8.5 per cent higher than it was a year ago. Despite a decline in sales activity and increased inventory in the second quarter, the average MLS® residential price was $265,615 compared to $244,716 during the second quarter of 2010. The average price stabilized and remained around the $265,000 level throughout the quarter and continued to be supported by positive local economic conditions.
At the provincial level, there were 970 MLS® sales compared to 1,094 in the second quarter of 2010. The average MLS® residential price in Newfoundland was $248,525 during the April to June period – an increase of seven per cent.

Housing starts in the St. John’s real estate market were flat during the month of May, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). May’s housing starts totaled 223 units throughout the St. John’s area compared to 215 units in May of 2010. There were ten additional starts recorded in urban centres outside the St. John’s area, for a total of 233 provincial urban housing starts. Year-to-date, urban starts are down 17 per cent, with 561 posted province-wide.
“Single-detached construction activity declined considerably in May, but was offset by a significant increase in multiple housing starts in the form of condos in St. John’s,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “The trend towards lower levels of construction activity continued, with the single-detached segment down 27 per cent compared to this time last year,” added Janes.
In urban centres across Canada, total housing starts recorded in May were down seven per cent to 15,025 units compared to 16,178 a year ago. Single-detached starts declined 23 per cent to 6,005 units, while multiple starts increased seven per cent to 9,020 units in May. In the Atlantic region, 848 new homes were started compared to 1,137 during May 2010.

A complete copy of the PDF report can be found here

Average price of a house in St. John’s increased slightly this month. March average sale price was approx $277,000, for April it is $285,000. Average sales price year to date is up as well, almost 6.5% (all of Newfoundland) Interestingly the current real estate market certainly doesn’t reflect this increase.  From looking at the break down in homes sold, it appears that this data is a little “skewed” as a majority of the houses sold were in the 260k to 350k price range, hence bringing up the average prices. Currently, HALF of the homes on the market expire.  Meaning they do not sell.  From my opinion, majority of the houses currently on the market are WAY overpriced.  We are seeing a large number of reductions in prices.  Houses are sitting on the market an average of 60 days before selling.  I don’t think we will see a drop in the average house prices, but we will certainly see a lot of home owners having to reduce their homes to be in line with the market.  It seems that I have the following statement each month……but….. proper pricing on your home is key in this market and will be the same trend in 2011.  Contact us for a free market evaluation on your home.

Total # of new MLS Listings [April] = 814 (based on residential stats)

Total # of Sales [April] = 303

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3700

Here is a break down by area for the month of April

St. John’s Real Estate: Listings = 190   Sales = 81 Sales/Listings Ratio = 42%

Average sale price for a home in St. John’s: $285,097 for the month of April and the 12 month average $281,644

Mount Pearl Real Estate: Listings = 32 Sales = 18  Sales/Listings Ratio = 41%

Average Sale Price (12 month average): $252,736

Paradise Real Estate: Listings =55 Sales = 26 Sales/Listings Ratio =52%

Average Sale Price (12 month average): $310,525

East Extern Real Estate: Listings = 53 Sales = 15  Sales/Listings Ratio = 33%

Average Sale Price (12 month average): $290,202

Conception Bay South Real Estate: Listings = 44   Sales = 15  Sales/Listings Ratio = 40%

Average Sale Price (12 month average): $258,061

CMHC’s Housing Now publications was just released for Newfoundland and Labrador outlining January’s housing starts for the St. John’s real estate market.  Below is the outline of the press release.  For the full PDF file click here.

ST. JOHN’S, February 8, 2011 – Housing starts in the St. John’s region were flat during the month of January, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC).  January’s housing starts totaled 105 units throughout the St. John’s area compared to 104 units in January of 2010.  There were four additional starts  recorded outside the St. John’s area, for a total of 109 provincial urban housing starts compared to 113 last January.

“An 18 per cent increase in single-detached housing construction was offset by lower multiple unit starts activity  during January,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is expected to come off record highs, continued growth in employment, income and population will remain supportive of the local housing market this year,” added Janes.

In urban centres across Canada, total housing starts recorded in January were down six per cent to 9,773 units compared to last year’s total of 10,438. Single-detached starts declined 28 per cent to 3,463 units, while multiple starts increased 13 per cent to 6,310 units in January. In the Atlantic region, 480 new units were started in January compared to 441 units during the same period in 2010.

Average sale price of a house for St. John’s and Paradise increased in January, both up over $300,000. I believe this is due to mostly new home construction sales.  The bulk of homes sales (approx 57%) were in the $250,000 to $349,900 price range.  The average price of a home in St. John’s is now approximately $279,000.  There were 308 expired listings this month, up a whopping 52% from last January.  Proper pricing on your home is key in this market and will be the same trend in 2011.  Contact us for a free market evaluation on your home.

Total # of new MLS Listings [January] = 653 (based on residential stats)

Total # of Sales [January] = 207

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2925

Here is a break down by area for the month of January

St. John’s Real Estate: Listings = 168   Sales = 50 Sales/Listings Ratio = 30%

Average sale price for a home in St. John’s: $300,052 for the month of January and the 12 month average $278,753

Mount Pearl Real Estate: Listings = 34 Sales = 10  Sales/Listings Ratio = 29%

Average Sale Price (12 month average): $247,456

Paradise Real Estate: Listings =45 Sales = 17 Sales/Listings Ratio =38%

Average Sale Price (12 month average): $300,298

East Extern Real Estate: Listings = 42 Sales = 12  Sales/Listings Ratio = 29%

Average Sale Price (12 month average): $288,610

Conception Bay South Real Estate: Listings = 46   Sales = 13  Sales/Listings Ratio = 28%

Average Sale Price (12 month average): $255,094

Supply and demand for real estate in St. John’s and surrounding areas are getting fairly well balanced.  Over all for the 2010 year we are up 6% on listings and flat on total sales.  The majority of properties sold this month were evenly split between $150,000 to $249,900 and $250,000 to $349,900.  That being said the number of listings this month is up 32% from last November and the sales are down 21%.  Along with this we had 401 expired listings this month, up 18% from last year.  Again I will say: proper pricing on your home is key in this market and will be the same trend in 2011.

Total # of new MLS Listings [November] = 595 (based on residential stats)

Total # of Sales [November] = 366

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3519

Here is a break down by area for the month of November

St. John’s Real Estate: Listings = 129   Sales = 87 Sales/Listings Ratio = 67%

Average price for a home in St. John’s: $276,910 for the month of November and the 12 month average $276,596

Mount Pearl Real Estate: Listings = 23 Sales = 11  Sales/Listings Ratio = 48%

Average Sale Price (12 month average): $242,577

Paradise Real Estate: Listings =46 Sales = 27 Sales/Listings Ratio =59%

Average Sale Price (12 month average): $294,424

East Extern Real Estate: Listings = 35 Sales = 13  Sales/Listings Ratio = 37%

Average Sale Price (12 month average): $284,647

Conception Bay South Real Estate: Listings = 43   Sales = 22  Sales/Listings Ratio = 51%

Average Sale Price (12 month average): $248,663

CHMC just released their latest housing report for the St. John’s Newfoundland Real Estate Market.  The Fourth Quarter 2010 edition of CMHC’s Housing Now – Major Centres – St. John’s can be accessed by clicking on the link below. http://www.cmhc-schl.gc.ca/odpub/esub/64199/64199_2010_Q04.pdf or I have some clips of the report outline below.

“Recent price growth and an increasing supply of unsold homes had a cooling effect on the St. John’s housing market during the third quarter, despite growth in population, income and employment. During the July to September period, new home construction activity declined slightly, while resale market activity remained mixed, with sales declining and average
price advancing. From an overall historical perspective, the St. John’s area housing market was strong, but recent record housing market activity went unmatched in the third quarter.

Resale Market Favoured Buyers
Fewer sales and increased inventory,positioned the market as  buyers during the third quarter. In terms of resale market  dynamics, buyers had a broader choice of available homes and some sellers were forced to reduce the asking price on their  properties as the market shifted. Available inventory increased approximately 16 per cent in the quarter (23 per cent in August) and listings remained on the market for an average of 61 days, while prices continued to show gains over the July to September period of 2009. Despite higher inventory, offers came in at approximately 98 per cent of asking price. For the St. John’s area, there were 1,785 new residential listings during the third quarter compared to 1,795 during the same period in 2009.
Active listings averaged 1,796 a month during the quarter, versus 1,548 a month during the third quarter of 2009. The sales-to-active listings ratio averaged 20 per cent during  the quarter compared to 26 per cent during the same period in 2009, resulting in buyers’ resale market conditions.

MLS® Sales Declined, Prices Advanced
With fewer sales of existing homes and higher inventory available throughout the St. John’s area during the third quarter, the average MLS® residential price showed little change compared to the second quarter, but continued to advance compared to the same period last year. It reached another record level in the quarter peaking at $262,316 in the month of August. The number of MLS® sales declined 11 per cent with 1,069 sales compared to 2009’s third quarter sales of 1,197 units. The average MLS® residential price in the St. John’s CMA was 15 per cent higher than it was a year ago. Despite tepid sales activity during the July to September period, the average MLS® residential price climbed to $255,496 compared to $221,253 during the third quarter of 2009. The average price appears to have stabilized around the $250,000 level, as the recent momentum has begun to wane. The relative strength in the average MLS® residential price continued to be supported by positive economic conditions, as well as higher priced newly built home sales going through the MLS® system in the third quarter.
At the provincial level, there were 1,323 MLS® sales compared to 1,504 in the third quarter of last year. The average MLS® residential price in Newfoundland was $238,285 during the July to September period – an increase of 15 per cent.“

ST. JOHN’S, Oct. 19 /CNW/ – The Royal LePage House Price Survey released today showed the largest year-over-year price gains for St. John’s real estate compared to all other major Canadian cities for the property types surveyed.

“St. John’s real estate has made incredible gains over the past few years,” said Glenn Larkin of Royal LePage Royal LePage Professionals 2000. “However, even though St. John’s has posted strong year-over-year gains, we are starting to see the real estate market stabilize from the previous quarter. So although homes are worth more, we are not selling at the same pace we were last year and multiple offers are not as common.”

The average price of detached bungalows in St. John’s increased significantly, up 14 per cent over last year to $228,025, while the average price for standard two-story homes rose 13.7 per cent to $313,775. Standard condominiums saw an average price gain of 12.3 per cent to $241,850.

“Currently the most active buyers are those looking to upgrade to the $350,000 range,” added Larkin.

Nationally, Canada’s residential real estate market saw year- over-year growth in the third quarter as fears of a double dip recession or a housing bubble faded. House price appreciation slowed to a more modest five per cent in the quarter, which is historically typical of balanced real estate markets.

“Most Canadian housing markets cooled in the third quarter. In fact, the year is unfolding much as we predicted, with the unusually active first half of 2010 giving way to slower markets in the later part of the year. Helped by very low rates in a competitive mortgage financing market, the third quarter was slightly stronger than anticipated, on new demand fuelled by improved affordability in many regions,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. Looking ahead, it is very unlikely that the period from now to year-end can keep pace with the activity levels posted in the overheated market of the final quarter of 2009.”

In the third quarter, the average price of a detached bungalow in Canada was up 4.6 percent to $324,531, compared to a year ago. Over the same period, standard two-storey homes rose 4.4 percent to $360,329 while standard condominiums rose 3.9 percent to $226,481.

“House price growth now sits just below the long term annual average of approximately five per cent, but once this is adjusted for inflation, which is very low and expected to continue to be that way for some time, appreciation is right on track. Canadian homeowners will be pleased,” said Soper.

(Source: Canada Newswire)