St. John’s Real Estate Average Home Prices for April 2014

May 13, 2014 · Filed Under St. John's Real Estate · Comments Off 

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The number of listings in the St. John’s Real Estate Market where down again this month.  As I mentioned in last months stats posting this could be a possible little shift in the market.  It might be a little pre-mature yet as the listings are still up 5% year to date compared to 2013, however this is the second straight month with a decline in listings.  I am personally glad to start seeing some housing inventory “dry up”. 
 
I expect as we enter the spring market the negative double digit sales numbers should level out due to the amount of buyers out there currently window shopping.

One stat that I believe will remain relatively higher then the norm throughout 2014 is the number of expired homes. This is based on the fact of a higher number of over priced houses that are sitting on the market. Currently 18% of all homes listed on MLS in the St. John’s Real Estate market expire (don’t sell)

Total # of MLS Listings [Apr]  = 1137  Total # of Sales [Apr] = 279 

Number of  Active Listings for Sale in Newfoundland = 4629

Numbers are based on both residential and commercial listings/sales

Here is a break down by area for April:

St. John’s Real Estate: Listings = 180  Sales = 51  Sales/Listings Ratio = 28%

Average sale price for a home in St. John’s: $322,302 for the month of April and the 12 month average $336,181

Mount Pearl Real Estate: Listings = 24 Sales = 17 Sales/Listings Ratio = 71% Average Sale Price (12 month average): $295,117

Paradise Real Estate: Listings = 57 Sales = 16 Sales/Listings Ratio = 28% Average Sale Price (12 month average): $352,630

East Extern Real Estate: Listings = 49 Sales = 17 Sales/Listings Ratio = 35% Average Sale Price (12 month average): $372,628

Conception Bay South Real Estate: Listings = 44 Sales = 17 Sales/Listings Ratio = 39% Average Sale Price (12 month average): $305,636

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St. John’s Real Estate Average House Price for February 2014

March 9, 2014 · Filed Under Market Trends, Monthly MLS Stats · Comments Off 

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Sales were down 7% for the month of February in the St. John’s Real Estate market compared to last February.  The number of new listings are up 16% from last year.  Expired listings (houses that didn’t sell) are up 40%.  Pricing is key in this market.  It’s currently a buyers market however we are still seeing multiple offers on some homes in certain areas.  Expect to see a relatively flat market for the remainder of 2014.

 

Total # of MLS Listings [Feb]  = 927  Total # of Sales [Feb] = 230 

Number of  Active Listings for Sale in Newfoundland = 4143

Numbers are based on both residential and commericial listings/sales

Here is a break down by area for February:

St. John’s Real Estate: Listings = 140  Sales = 50  Sales/Listings Ratio = 36%

Average sale price for a home in St. John’s: $341,467 for the month of February and the 12 month average $331,043

Mount Pearl Real Estate: Listings = 48 Sales = 6 Sales/Listings Ratio = 13% Average Sale Price (12 month average): $298,919

Paradise Real Estate: Listings = 40 Sales = 15 Sales/Listings Ratio = 38% Average Sale Price (12 month average): $354,191

East Extern Real Estate: Listings = 40 Sales = 17 Sales/Listings Ratio = 43% Average Sale Price (12 month average): $373,614

Conception Bay South Real Estate: Listings = 41 Sales = 13 Sales/Listings Ratio = 32% Average Sale Price (12 month average): $304,948

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

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Home for sale near MUN – 7 Marshall Place

** WITHDRAWN ** A well cared for property located close to MUN, Health Sciences and Avalon Mall. Open concept main floor design with eat in kitchen/dining area that extends into a cozy family room. The main floor also includes a separate living room and half bathroom. On the second floor you will find three bedrooms as well as a conveniently located laundry area. The master bedroom has a walk-in closet and a 3 piece ensuite. The basement is undeveloped but is roughed in for a bathroom. MLS: 199161.  Asking $269,900. REDUCED: $264,900  Contact Fraser or Stephen Winters for more information.

For additional photos click here.

 

Average House Price for the St. John’s Real Estate Market December 2013

January 14, 2014 · Filed Under Monthly MLS Stats, St. John's Real Estate · Comments Off 

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Total # of MLS Listings [Dec]  = 497

Total # of Sales [Dec] = 334 

Number of  Active Listings for  Sale in Newfoundland = 3247

Numbers are based on both residential and commericial listings/sales

Here is a break down by area for December:

St. John’s Real Estate: Listings = 74 Sales = 70  Sales/Listings Ratio = 95%

Average sale price for a home in St. John’s: $328,864 for the month of December and the 12 month average $331,067

Mount Pearl Real Estate: Listings = 15 Sales = 16 Sales/Listings Ratio = 107% Average Sale Price (12 month average): $298,679

Paradise Real Estate: Listings = 13 Sales = 33 Sales/Listings Ratio = 254% Average Sale Price (12 month average): $352,121

East Extern Real Estate: Listings = 19 Sales = 22 Sales/Listings Ratio = 116% Average Sale Price (12 month average): $372,921

Conception Bay South Real Estate: Listings = 30 Sales = 23 Sales/Listings Ratio = 77% Average Sale Price (12 month average): $304,902

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

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RE/MAX St. John’s Housing Market Outlook 2014

December 11, 2013 · Filed Under Remax Newfoundland, Remax Reports · Comments Off 

Affordability, low interest rates, and sound economic fundamentals were the primary factors contributing to ongoing healthy home buying activity in St. John’s in 2013. These favourable underpinnings supported relatively steady demand, despite a further upswing in inventory levels. As a result, home sales in St. John’s are expected to finish the year at 3,650 units—in line with traditional levels, though off the 2012 pace by just under six per cent. While momentum has eased, average price continues to make considerable gains, propped up, in part, by new home sales and strength in the upper-end segment. By year end, average price is forecast to reach $302,500, advancing six per cent over 2012’s record of $285,529. First-time buyers led the charge once again in 2013, seeking out single-family homes and bungalows priced between $200,000 and $300,000 throughout the city and its suburbs. Activity in this segment proved brisk, while the mid-range (priced over $350,000) experienced some softening, given a greater supply of inventory and a reduced sense of urgency.

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Newfoundland’s economic engine fired on all cylinders in 2013, leading the nation and driving GDP growth ahead by six per cent, as crude oil production rose and conditions improved for large-scale mining projects. While growth is expected to return to more modest levels in 2014, several major developments will serve to prop up confidence and demand in both the resale and new home sectors. These include: ramped-up work at both Muskrat Falls/Lower Churchill and the Hebron Offshore Oil Field, supporting further employment growth; a strengthening natural resources sector, marked by the completion of the Long Harbour nickel-processing facility and subsequent upswing in production; as well as increased production at the Direct Shipping iron-ore project and the Iron-Ore Company of Canada’s Phase II Expansion.  Conversely, the enthusiasm of those at the entry-level price points has been re-invigorated, as buyers impacted by tightened lending restrictions last year made their return to the market in a more positive position in many respects. The upper-end segment also proved quite vibrant, as St. John’s thriving oil and gas sector continued to support high-level jobs. Actual sales over $650,000 have posted double-digit growth, and even when adjusted for year-over-year price appreciation, the momentum has held steady with 2012’s respectable performance. 

Overall, Newfoundland & Labrador should see unemployment contract in 2014, falling to 11.5 per cent. Strong gains in earnings continue to support buying intentions—a significant factor behind the highest provincial homeownership rate in Canada at 77.5 per cent (2011 Census). St. John’s, in particular, remains an attractive draw. The city recorded a 5.5 per cent increase in its population from 2006 to 2011. Significant announcements continue to improve the region’s prospects—from the proposed underground mine expansion at Voisey’s Bay to the extension to White Rose, as well as promising exploration discoveries that serve to boost confidence in the area’s long term potential. There’s no question the outlook is bright. In the interim, Newfoundland is expected to post a more tepid economic gain of 1.4 per cent in 2014, on the heels of 2013’s enviable advance. 

Stjohns house sales

Next year, buyers and sellers in St. John’s and surrounding areas should see similar conditions to those in place at year end. An oversupply of product will place greater consequence on setting fair value, as buyers become increasingly sensitive to pricing. Purchasers will need to be realistic in their pursuits, however, as most homes continue to realize 98 per cent of list price. Unprecedented inventory of new homes will necessitate a gradual correction in prices in that segment, if absorption rates are to improve. Condominium sales are forecast to ease in 2014, as the market approaches saturation. Many new projects have been delayed, re-worked or cancelled, as builders on the multi-unit side take pause. Investors were active over the past 12 months and will continue to seek out promising opportunities. The upper end of the market is anticipated to remain stable. Regardless of price point, market conditions will underscore the timeless adage ‘location, location, location,’ as sought-after pockets post better-than-average activity. Multiple offers, for example, were still evident on well priced product in Churchill Square and Paradise, where the Outer Ring Road has driven tremendous growth. Areas around the University will also prove buoyant as the student population continues to rise, while ongoing revitalization in the downtown core bolsters its appeal. Absorption should improve moving in to the second half of 2014, although buyer’s market conditions will persist through year end. Sales are expected to remain on par at 3,650 units, while average price rises five per cent to $317,600. 

(Source: http://remaxoa.com/13/PR/HMO/REMAXHousingMarketOutlook2014.FNL.pdf)

 

Average house price for the St. John’s Real Estate Market November 2013

December 3, 2013 · Filed Under Monthly MLS Stats, St. John's Real Estate · Comments Off 

housing-price-graphTotal # of MLS Listings [Nov] = 904 (residential stats)

Total # of Sales [Nov] = 422 (residential stats)

Number of  Active Listings for  Sale in Newfoundland = 4436

Here is a break down by area for November:

St. John’s Real Estate: Listings = 181 Sales = 86 Sales/Listings Ratio = 48%

Average sale price for a home in St. John’s: $319,995 for the month of November and the 12 month average $329,946

Mount Pearl Real Estate: Listings = 26 Sales = 21 Sales/Listings Ratio = 81% Average Sale Price (12 month average): $293,546

Paradise Real Estate: Listings = 42 Sales = 28 Sales/Listings Ratio = 67% Average Sale Price (12 month average): $353,807

East Extern Real Estate: Listings = 38 Sales = 18 Sales/Listings Ratio = 47% Average Sale Price (12 month average): $370,807

Conception Bay South Real Estate: Listings = 42 Sales = 23 Sales/Listings Ratio = 55% Average Sale Price (12 month average): $308,911

Trending again for November, the St. John’s Real Estate Market has a year to date increase in listings of 10% and a decline in sales of 7%.  It’s a buyers market currently in Newfoundland but there are still areas where houses sell FAST, and for top dollar.  St. John’s overall has a fairly balanced sales to listings ratio (48%) This means that for every 2 houses listed, one house sells.

The Newfoundland economy is still moving forward. Newfoundland came out on top in terms of business confidence in Canada at 74.7 earlier this month. Business continues to boom here! So will the real estate market as we move into 2014.

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