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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Torbay Bypass Road

March 27, 2008 · Filed Under St. John's General and 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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February Newfoundland Real Estate Stats

March 3, 2008 · Filed Under Monthly MLS Stats · 2 Comments 

Total # of Listings [Feb] = 671 (Up 29% from February 2007)

Total # of Sales [Feb] = 272 (Up 27% from February 2007)

Number of Active Listings in the NLAR MLS System = 2146

Inventory increased slightly this month compared to January MLS stats. We are still down in inventory from 2007 by 5%. Sales have increased as well (up 38% from 2007) due to the number of buyers currently searching for a new home or investment property. Larger homes are being built and sold outside St. John’s and Mount Pearl reflecting in higher prices for Paradise, East Extern and CBS this month.  It will be interesting to see in the next few months if increased inventory levels from new home construction will relieve some pressure on current buyers.  Many sub divisions are waiting to start their next phases in spring.  To my knowledge Clovelly Trails has 70 lots and Roncolli Estates 15.  Other subdivisions will be in full swing when the snow melts.

Here is a break down by area for the month of February for single family homes

St. John’s Real Estate: Listings = 109 Sales = 71 Sales/Listings Ratio = 65%

Average Sale Price: $171,085

Mount Pearl Real Estate: Listings = 33 Sales = 12 Sales/Listings Ratio = 51%

Average Sale Price: $148,981

Paradise Real Estate: Listings = 30 Sales = 16 Sales/Listings Ratio = 53%

Average Sale Price: $193,586

East Extern Real Estate: Listings = 52 Sales = 14 Sales/Listings Ratio = 27%

Average Sale Price: $190,048

Conception Bay Real Estate: Listings = 24 Sales = 16 Sales/Listings Ratio = 67%

Average Sale Price: $161,769

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Newfoundland Economy, Real Estate and Tourism

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

Today, The Telegram included a “Horizons” section in the Saturday paper. Horizons is an Annual Business and Industrial Review and Forecast. It was evident that the pages were filled with talks of boom and wealth for Newfoundlanders. I was fortunate enough to receive a call last week for an interview with The Telegram for the real estate portion. How was I contacted - this blog. Other then the fact my name was spelled incorrectly I was pleased.

As I read through Horizons it was interesting to note the various headlines were powerful and promising. Article titles read “oil wealth driving provincial economy, impending boom, real estate hot thanks to Hebron Ben Nevis, growth and innovation in changing times, commercial industry growing.” Not only is Newfoundland and Labrador’s capital city St. John’s noticing a significant increase in the housing market, but Torbay, Flatrock and Conception Bay as well.

Tourism was another hot topic. References to new hotels in the downtown St. John’s (five hotel proposals) and a flourishing cruise industry. 61,000 tourists are expected to visit “The Rock” for 2008 via cruise lines.

It’s clearly one of most promising times for Newfoundland.

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