St. John's Real Estate Blog » St. John’s Real Estate

St. John’s Newfoundland Real Estate June MLS Stats

Stephen Winters — Mon, 12 Jul 2010 09:29:34 +0000

The real estate market for St. John’s and surrounding areas saw slight increases in the number of listings on the market in June as well as the number of sales. The number of expired listings are up a whopping 23% since the same month last year. What’s the cause? As I mentioned there are a lot of listings on the market so supply and demand would be a factor for sure. The biggest reason is there are a lot of houses listed on MLS in the St. John’s real estate market that are over priced.

Total # of new MLS Listings [Jun] =1141 (based on residential stats)

Total # of Sales [Jun] = 483

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3777 (residential only)

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

St. John’s Real Estate: Listings = 220 Sales = 121 Sales/Listings Ratio = 55%

Average Sale Price is St. John’s: $264,848 for the month of June and the 12 month average $251,390

Mount Pearl Real Estate: Listings = 30 Sales = 13 Sales/Listings Ratio = 43%

Average Sale Price (12 month average): $224,158

Paradise Real Estate: Listings =70 Sales = 37 Sales/Listings Ratio =53%

Average Sale Price (12 month average): $278,250

East Extern Real Estate: Listings = 52 Sales = 15 Sales/Listings Ratio = 29%

Average Sale Price (12 month average): $271,421

Conception Bay South Real Estate: Listings = 58 Sales = 25 Sales/Listings Ratio = 43%

Average Sale Price (12 month average): $236,965

Average price for a home in St. John’s Newfoundland

Stephen Winters — Tue, 18 May 2010 09:40:16 +0000

According to CMHC in their latest press release, the First Quarter of 2010 provided record sales of existing homes and increased inventory throughout the St. John’s real estate market. The average MLS® residential price for St. John’s continued to rise, reaching another record level peaking at $251,485 in March. The number of MLS® sales increased 25 per cent with 665 sales compared to 2009’s first quarter sales of 532 units.

The average MLS® residential price in the CMA was 19 per cent higher than it was a year ago, maintaining an aggressive two year growth trend of 48 per cent to the end of the first quarter. With increased buying activity during the January to March period, the average MLS® residential price was $245,069 compared to $205,324 during the first quarter of 2009 and a much lower $164,147 in 2008. The relative strength in the average MLS® residential price continued to be supported by positive economic and demographic fundamentals, as well as increased numbers of higher priced newly built home sales going through the MLS® system in the first quarter.

At the provincial level, there were 783 MLS® sales compared to 623 in the first quarter of last year. The average MLS® residential price in Newfoundland was $230,268 during the January to March period – an increase of 18 per cent.

Positive economic activity and in-migration to the St. John’s region, combined with an active resale market, positioned the market as balanced during the first three months of the year. In terms of unit sales, the first quarter represented a record level of buying activity. Available inventory increased approximately five per cent and listings remained on the market for an average of 61 days in the January to March period, while prices continued to climb.

For the St. John’s area, there was a 25 per cent increase in new listings compared to the same period last year. However, active listings averaged only a moderately higher level at 1,096 during the quarter versus 1,039 during the first quarter of 2009. Having peaked at a record 40 per cent in December 2009, during a brief sellers’ market, the unadjusted sales-to-active listings ratio averaged a considerably lower 20 per cent during the first quarter. This compared favorably to 17 per cent during the same period in 2009 and signaled balanced first quarter resale market conditions.

Newfoundland Real Estate March Stats

Stephen Winters — Mon, 19 Apr 2010 15:51:55 +0000

The number of listings were up for the month of March by 13% compared to March 2009. Sales as well are up by 25% year to date compared to last year. Interestingly the average house price for St. John’s dropped slightly last month by almost $5000 compared to February’s MLS listing averages. The twelve month overall average for St. John’s is still increasing with a figure of $243,532. There was a fair number of buying/selling activity in between 260k and 350k last month. With the spring market upon us we will start to see increased activity from both buyers and sellers.

Total # of new MLS Listings [Mar] =933 (based on residential stats)

Total # of Sales [Mar] = 336

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3020 (residential only)

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

St. John’s Real Estate: Listings = 181 Sales = 89 Sales/Listings Ratio = 49%

Average Sale Price is St. John’s: $266,336 for the month of March and the 12 month average $243,532

Mount Pearl Real Estate: Listings = 19 Sales = 9 Sales/Listings Ratio = 47%

Average Sale Price (12 month average): $221,094

Paradise Real Estate: Listings =60 Sales = 31 Sales/Listings Ratio =52%

Average Sale Price (12 month average): $271,002

East Extern Real Estate: Listings = 31 Sales = 17 Sales/Listings Ratio = 55%

Average Sale Price (12 month average): $266,462

Conception Bay South Real Estate: Listings = 49 Sales = 22 Sales/Listings Ratio = 45%

Average Sale Price (12 month average): $228,770

St. John’s Property Assessment and Property Tax Information

Stephen Winters — Tue, 06 Apr 2010 14:38:27 +0000

The St. John’s Property assessment is the estimated value of a property (land and building) utilized for municipal taxation purposes. The “Assessment Act 2006” is the Legislative authority governing assessment and taxation in the City. The assessment value can at times be similar to fair market value, however with the fast changing St. John’s Real Estate market the two values can be greatly different in figures.

From the City of St. John’s website “the City’s assessments are calculated on the basis of a property’s market value as of a specific point in time, referred to as the “base date”. The presently applicable “base date” on which your assessment is calculated is January 1st, 2008. In other words, the market value of your property on that date is presently utilized to calculate your municipal taxes for 2010.”

To find out the assessment value of a home in St. John’s visit the Property Assessment Search

Annual residential property taxes for St. John’s are calculated at a rate of 10.1 mils, or 1.01 % of a property’s total assessment (for the year 2010). A property with a total assessed value of $100,000. would be charged an annual property tax of $1010.00, calculated as follows:

Assessed Value of St. John’s Home = $100,000.
Multiplied by the Mil Rate = .0101 (10.1 Mils)
Annual Property Tax for 2010 = $1010.00

Don’t forget to include your water taxes. Water taxes for St. John’s are a flat rate of $520. (multiplied by 2 if you have a 2-apt home)

So a $100,000 property would have a total property tax of $1530 for the year or $127.50 per month.

Newfoundland Real Estate January

Stephen Winters — Thu, 04 Feb 2010 18:09:33 +0000

Well the first month of the year has past. Personally I find January the slowest month of the year for real estate, but this year was a little different. Inventory levels of homes for sale in St. John’s and surrounding areas seem to be very low. On the flip side there are lots of buyers. I’ve been involved in a few multiple offer situations so far this year and have heard from other Realtor’s that they too have been involved in multiple offers. As well, I’ve seen a fair number of homes sold within 24 to 48 hours from being listed on MLS. Based on CMHC’s stats from ‘Newfoundland MLS Trends for 4th quarter of 2009‘ we ended 2009 in a sellers market. I feel this trend will continue into the better part of the summer. When the Bank of Canada increases it’s interest rates we’ll probably see a little pull back in sales.

Total # of new MLS Listings [Jan] =615 (based on residential stats)

Total # of Sales [Jan] = 240

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2458 (residential only)

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

St. John’s Real Estate: Listings = 155 Sales = 89 Sales/Listings Ratio = 57%

Average Sale Price is St. John’s: $271,674 for the month of October and the 12 month average $237,988

Mount Pearl Real Estate: Listings = 21 Sales = 3 Sales/Listings Ratio = 14%

Average Sale Price (12 month average): $218,729

Paradise Real Estate: Listings =28 Sales = 21 Sales/Listings Ratio =75%

Average Sale Price (12 month average): $269,242

East Extern Real Estate: Listings = 40 Sales = 15 Sales/Listings Ratio = 38%

Average Sale Price (12 month average): $259,029

Conception Bay South Real Estate: Listings = 34 Sales = 18 Sales/Listings Ratio = 53

Average Sale Price (12 month average): $223,082

Newfoundland Real Estate Stats for October

Stephen Winters — Wed, 04 Nov 2009 08:14:08 +0000

CMHC released their Third quarter data for Newfoundland MLS Real estate the other day. As expected, we are officially in a balanced market now within the St. John’s Real Estate area. New MLS listings edged down once again, as did the number of sales compared to September’s Newfoundland Real Estate Stats. New listings were on par with 2008’s third quarter, but with available inventory 27% higher, this gives buyers more time to shop and compare houses. Total number of houses that expired in October was up 53% since October of last year. Having your house priced correctly is KEY in this market.

Total # of new MLS Listings [Oct] =397 (based on residential stats)

Total # of Sales [Oct] = 325

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 1829 (residential only)

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

St. John’s Real Estate: Listings = 167 Sales = 132 Sales/Listings Ratio = 79%

Average Sale Price is St. John’s: $217,032 for the month of October

Mount Pearl Real Estate: Listings = 26 Sales = 23 Sales/Listings Ratio = 88%

Average Sale Price: $218,681

Paradise Real Estate: Listings =40 Sales = 41 Sales/Listings Ratio =102%

Average Sale Price: $262,591

East Extern Real Estate: Listings = 28 Sales = 19 Sales/Listings Ratio = 68%

Average Sale Price: $249,459

Conception Bay South Real Estate: Listings = 45 Sales = 31 Sales/Listings Ratio = 69%

Average Sale Price: $216,627

Newfoundland Real Estate Stats for September

Stephen Winters — Tue, 06 Oct 2009 11:58:22 +0000

September appeared to be a fairly balanced month for the St. John’s Real Estate market. New MLS listings edged ever so slightly down, as did the number of sales compared to August’s Newfoundland Real Estate Stats. Both the Canadian Real Estate Association and RE/MAX released reports last month indicating strong housing sales and positive real estate markets throughout Canada. Here in St. John’s our 12 month average price for a home is $228,325 (single family home). Huge increases if you compare past Newfoundland average housing prices of $170,482 for 2008 and $147,201 for 2007.

Total # of new MLS Listings [Sept] =462 (based on residential stats)

Total # of Sales [Sept] = 331

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2093 (residential only)

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

St. John’s Real Estate: Listings = 188 Sales = 135 Sales/Listings Ratio = 72%

Average Sale Price is St. John’s: $237,259 for the month of September

Mount Pearl Real Estate: Listings = 32 Sales = 20 Sales/Listings Ratio = 63%

Average Sale Price: $219,715

Paradise Real Estate: Listings =41 Sales = 38 Sales/Listings Ratio =93%

Average Sale Price: $281,817

East Extern Real Estate: Listings = 38 Sales = 27 Sales/Listings Ratio = 71%

Average Sale Price: $256,696

Conception Bay South Real Estate: Listings = 40 Sales = 26 Sales/Listings Ratio = 65%

Average Sale Price: $229,135

St. John’s Area August Housing Starts – Press Release from CMHC

Stephen Winters — Thu, 10 Sep 2009 09:34:53 +0000

Urban housing starts decreased during the month of August, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). August’s housing starts totaled 151 throughout the St. John’s real estate area versus 249 starts in August of 2008. An additional 18 starts were recorded in other urban areas across the province, for a total of 169 provincial starts compared to 316 the previous August. For the January to August 2009 period, the St. John’s area posted 1,026 housing starts versus 1,079 starts during the same period last year, while provincial starts totaled 1,180 compared to 1,312 a year ago.

“Despite August’s decline, the local residential construction sector has posted solid year to date results,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Employment and population growth throughout the St. John’s area this year continues to bode well for residential construction activity,” added Janes.

For Canada’s urban centres, total housing starts fell 27 per cent with 12,187 recorded in August compared to 16,807 during August of 2008. Single-detached starts decreased 26 per cent to 5,211, while multiple starts of 6,976 represent a 28 per cent decline from a year ago. Throughout Atlantic Canada, there were 835 urban housing starts posted versus 879 the previous August, a decline of 5 per cent.

Newfoundland Real Estate Stats for August

Stephen Winters — Mon, 07 Sep 2009 11:20:03 +0000

We are about to enter into the fall St. John’s real estate market and things are still looking positive for the remainder of the year. Average MLS housing prices for Newfoundland have been steadily increasing throughout the year. Thanks to continuing low mortgage rates first time buyers and those looking to up size to bigger homes can still do so despite the large increase in Newfoundland housing prices since last year. Two apartment (2-apt) homes are still in high demand and if priced right usually sell fairly quickly and for top dollar.

The average price for a home in St. John’s edged slightly higher again for another month, currently at $223,810 for a 12 month period) compared to the Newfoundland Average Sale Price of $201,799. This is up from $170,941 from last years prices.

Total # of MLS Listings [Aug] =494 (based on single family homes)

Total # of Sales [Aug] = 336

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2261 (residential only)

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

St. John’s Real Estate: Listings = 187 Sales = 147 Sales/Listings Ratio = 79%

Average Sale Price is St. John’s: $244,195 for the month of August

Mount Pearl Real Estate: Listings = 25 Sales = 26 Sales/Listings Ratio = 104%

Average Sale Price: $200,862

Paradise Real Estate: Listings =65 Sales = 33 Sales/Listings Ratio =51%

Average Sale Price: $261,353

East Extern Real Estate: Listings = 36 Sales = 23 Sales/Listings Ratio = 64%

Average Sale Price: $250,678

Conception Bay South Real Estate: Listings = 37 Sales = 40 Sales/Listings Ratio = 108%

Average Sale Price: $228,363

MLS Listing Sales down – St. John’s housing prices up

Stephen Winters — Wed, 22 Jul 2009 13:33:45 +0000

MLS sales retreated 8% to 996 units compared to 2008’s second quarter sales of 1,084 units. April, May and June MLS sales were 259, 316 and 421, respectively. Despite the drop in sales, second quarter average MLS prices for St. John’s and surrounding areas up 20% to $203,854 compared to $169,942 during the second quarter of last year. This is the only consecutive price growth in Canada since the fourth quarter of 2008.

Sales-to-active listings ratio increased to 19.6% in June and averaged 16.4% during Q2, indicating the market favouring buyers, particularly in April and May. However, as you can see from the chart, we are swinging upwards and my estimate we’ll see a balanced market for the third quarter. The St. John’s real estate market actually feels like a balanced market now.

The Bank of Canada left the prime lending rate at 0.25% the other day. However mortgage rates are predicted to drift higher in 2010.

New Addition to the Father And Son Team

Stephen Winters — Wed, 15 Jul 2009 11:35:54 +0000

Well, it’s been a few weeks since I’ve posted anything on my blog, but all with good reason – It’s a baby boy! Nicholas Winters is the quasi new member of the Father and Son Team. Or is it Grandfather and Father Team now.

The St. John’s Real Estate Market average house prices are still slowly increasing. Up to approx $211,000 now. CHMC haven’t released this quarters stats yet but I’d be curious to see if the trend has shifted from a buyers market to a balanced market. It does feel more balanced out there on the street. Active listings are still up in number but buyers are plentiful as well.

The local St. John’s housing market has been in the news the past week. I’ve watched news clips on both CBC News and the NTV Evening News. Both reports positive market conditions.

RE/MAX has released a press release titled Recovery underway in key Canadian markets ends buyer dominance in resale housing, says RE/MAX which boasted even more positive news for the St. John’s market. You can read the St. John’s Market-by-Market review here.