St. John’s Real Estate Market update via CMHC

May 8, 2012 · Filed Under CMHC Reports, St. John's Real Estate · Comments Off 

Throughout the entire St. John’s real estate market, approximately 70 per cent of all new single-detached homes sold for more than $300,000 in the first quarter. The fastest growing segment of the market was in the $400,000 plus segment, which increased to 27 per cent of total new home sales from 20 per cent share a year ago.

Continued employment growth and a low interest rate environment in the quarter contributed to a marginal improvement in housing activity during the first quarter of 2012. New home construction and MLS® residential sales activity both increased compared to the first quarter of 2011. In terms of average house prices, growth continued in both the new and existing home markets. Overall, a strong local economy continued to support the St. John’s area housing market during the first three months of 2012.

Increased New Home Construction Activity

New home construction activity increased over last year throughout the St. John’s area during the first quarter and average prices advanced. Total housing starts were 287 versus 241 in 2011’s first quarter. There were only 142 single-detached starts, however, compared to 173 last year. This decline was offset by a sizeable increase in multiple starts, with 145 recorded during the first quarter compared to 68 a year ago. The multiple starts segment was led by 71 apartment condo starts and 64 apartment (basement) starts.  St. John’s real estate market had 164 starts versus 91 in 2011’s first quarter. Starts in Paradise increased 40 per cent, with 67 units versus 48 a year ago. Mount Pearl had ten housing starts compared to 20 during 2011’s first quarter; Conception Bay South (CBS) recorded 29 starts compared to 43 a year ago, for a decrease of 33 per cent; while housing starts in Torbay were down 77 per cent with three recorded compared to 13 during 2011’s first quarter.

The overall average new house price for the St. John’s real estate market was $354,438, an increase of 3.6 per cent compared to $342,113 recorded during the first quarter of 2011. Led by larger custom built homes, the average sale price was highest in Torbay at $425,751, up nine per cent. CBS posted an average new house price of $321,391 during the quarter, up 13 per cent; Paradise saw seven per cent decline to $338,745; Mount Pearl increased 13 per cent, with an average price of $304,574; St. John’s City posted an eight per cent increase to $374,473; while the remainder of the CMA decreased 1.6 per cent to $347,836.

MLS® Residential Market

There was a broader range of homes to choose from, with inventory up seven per cent in the first three months of the year. Listings remained on the market for an average of 73 days and average prices continued to show gains, with offers at approximately 98 per cent of asking price. For the St. John’s area, there were 1,664 new residential listings compared to 1,518 during the same period last year. Active listings averaged 1,622 this year versus 1,516 during the first quarter of 2011. The sales-to-active listings ratio indicated that 13 per cent of listings sold during the quarter compared to a similar
13.4 per cent during the same time last year.

MLS® Sales and Prices Increased

There was growth in both MLS® residential sales and prices during the first quarter. The number of MLS® sales increased 3.4 cent to 635 sales compared to 2011’s first quarter total of 614 units. The average MLS® residential price in the St. John’s CMA was 7.4 per cent higher than it was a year ago, at a record $277,698 compared to $258,668 during the first quarter of 2011. The average price continued to be supported by demand driven by local economic and demographic conditions.

St. John’s Newfoundland MLS Stats for January 2012

February 9, 2012 · Filed Under Market Trends, Monthly MLS Stats, St. John's Real Estate · Comments Off 

Total # of MLS Listings [January] = 888  (based on residential stats)

Total # of Sales [January] = 249
Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3128

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

St. John’s Real Estate: Listings = 153   Sales = 63 Sales/Listings Ratio = 41%
Average sale price for a home in St. John’s: $315,131 for the month of January and the 12 month average $293,578

Mount Pearl Real Estate: Listings = 14 Sales = 11  Sales/Listings Ratio = 79%
Average Sale Price (12 month average): $259,241

Paradise Real Estate: Listings =56 Sales = 25 Sales/Listings Ratio =45%
Average Sale Price (12 month average): $327,876

East Extern Real Estate: Listings = 52 Sales = 15  Sales/Listings Ratio = 29%
Average Sale Price (12 month average): $322,598

Conception Bay South Real Estate: Listings = 42   Sales = 14  Sales/Listings Ratio = 33%
Average Sale Price (12 month average): $274,610

New home construction activity was similar to last year’s activity  throughout the St. John’s area during the fourth quarter and new home prices advanced. Total housing starts were 478 versus 488 in 2010’s fourth quarter.

The average new single-detached house price increased in all submarkets during the fourth quarter. The overall average new house price for the St. John’s CMA was $351,305, an increase of 7.9 per cent compared to $325,436 recorded during the fourth quarter of 2010.
Led by larger custom built homes, the average sale price was highest in Torbay at $400,999, up 13.3 per cent. CBS posted an average new house price of $302,250 during the quarter, up 11 per cent; Paradise saw a 9.1 per cent gain to $369,560; Mount Pearl was flat, with an average price of $286,920; St. John’s City posted a 5.4 per cent increase to $362,302; while the remainder of the CMA increased 13.8 per cent – the highest of all submarkets – to $351,305 compared to the fourth quarter of 2010.

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.

For Lease with Ocean view 19 Motion Lane – Torbay, Newfoundland

May 31, 2011 · Filed Under For Lease, New MLS Listings · Comments Off 

For Lease: Looking for  a panoramic ocean view when waking up? Enjoy watching Icebergs in May and whales in July, and be at work in 15 minutes?  Then this property is for YOU! 19 Motion Lane. WOW says it all for this property! Located on 1.67 acres with unobstructed view of the ocean, the inner cove’s cliffs and its waterfalls. Main floor has an open design concept great for entertaining. The numerous windows take advantage of the spectacular ocean view and provides plenty of natural light. Hardwood and ceramics floors throughout most of the property. High end kitchen with granite counter top and custom made cabinets. Even the appliances are top of the line. There is a separate seating area to relax and enjoy the in-ceiling surround sound system and take in the panoramic view. The second floor has 3 bedrooms,two of which are designed for the view. Large master bedroom with double walk-in closets. Large ensuite with glass stand up shower and custom glass tiles. This ensuite is even designed to take advantage of the ocean view. Convenient second floor laundry. There is a den in the shared area and is used as office . Wide corridors. Attention to detail is a must for this property. Almost everything is custom made. Be sure to view the photos to capture the true appreciation for this property. Fully furnished.  $3200 a month pou.  MLS: 165862 Contact Fraser or Stephen Winters for more information.

For a virtual tour of 19 Motion Lane click here

 

St. John’s Real Estate Market Posts Strong First Quarter in 2010

May 17, 2010 · Filed Under CMHC Reports, Market Trends, St. John's Real Estate · Comments Off 

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

June Newfoundland MLS Stats

July 2, 2008 · Filed Under Monthly MLS Stats, 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

Torbay Bypass Road

March 27, 2008 · Filed Under St. John's General, St. John's Real Estate · 1 Comment 

The new bypass, to be completed in 2009, includes an 8.1-kilometre stretch of undivided highway that will wrap around Torbay, connecting with a five-lane highway by St. John’s International Airport, which itself will be extended.

Commuters from Torbay, Flatrock and Pouch Cove must wind through Torbay’s narrow roads, which become clogged during the morning and afternoons.

The existing Route 20 through Torbay is the primary access route for the northeast Avalon region. The level of traffic that comes through Torbay several times a day is incredible, so the bypass road is desperately needed. The new bypass will complete an integrated transportation network that will link in communities north of St. John’s. Situated west of the Town of Torbay, the Torbay Bypass project will consist of upgrading the existing two-lane Route 20 through the Town of Torbay, and providing an alternate route around the town. Residents of Torbay, the City of St. John’s and the surrounding communities – Pouch Cove, Flatrock, Logy Bay-Middle Cove-Outer Cove, and Bauline – are expected to benefit from the resulting economic development.

The bypass will help to support continued growth of tourism, business investment, and economic development in the region and will likely mean speedier development of new home construction subdivisions.

Here is the map for planned Torbay Bypass Road

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