Average St. John's Housing Prices for April 2014
The number of listings in the St. John's Real Estate Market where down again for the month of April. 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
February 2014 St. John's Real Estate MLS Stats
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 (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
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St. John's Real Estate luxury home market in high demand
Growth continues unabated in St. John’s luxury home market, with demand reaching unprecedented levels yet again in 2013.Residential sales over $500,000 broke the existing record in 2013, with 172 units changing hands compared with 161 in2012, representing a seven per cent increase over one year ago. With approximately 220 listings available for sale, the upper end remains firmly in buyer’s market territory. Yet, the softer conditions have served to invigorate activity, as buyers are enticed by favourable selection and good value for their dollar. Rising fortunes have alsobolstered high-end sales.
First quarter 2014 St. John's Real Estate Market Outlook
For the St. John’s real estate market, Sales to Active listing Ratio is 8.9% YTD ( Buyers Market ) which means 8.9% of the current active listings are selling. The average price for a home in St. John's is $313,677 which is up 2.3% YTD. Currently, the number of listings are up and the number of sales are down.
January 2014 Housing Starts Trending downwards in the St. John's Real Estate Market
Housing starts in St. John’s, Census Metropolitan Area (CMA) were trending at 1,830 units in January compared to 1,919 in December according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“Residential construction in St. John’s trended down in January,” said Chris Janes, Senior Market Analyst with CMHC’s Atlantic Business Centre. “Single-detached starts experienced a considerable decline, but were partially offset by an increase in multiple starts,” added Janes.
St. John's Real Estate Market Update
Buyers are taking advantage of favourable real estate market conditions around St. John’s and areas….sellers too are reaping the rewards. Multiple offers are still in our marketplace, with well-priced listings—especially around the $200k to $300k price range. Properties priced at market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.
Need a Reason to Invest in St. John's Real Estate? How about Fifty one!
There are approximately 51 major developments that could take place in St. John’s in the near future. Pleasantville appears to be the hottest topic (as well as the largest development) A new Canadian Forces Base as well as 975 residential spaces.
Glencrest development is underway in the west end of St. John's. Almost 2,400 acres of land is to be developed.
The old Woolworth building is slated to become an office tower/parking garage.
An $18million dollar hotel is to be built at the corner of Prescott and Water Street.
A $15million dollar hotel/condo building is being built on Temperance Street.
The old Arcade building on Water Street as well as the old CBC building are aimed to be converted to office buildings and condos.
On Tiffany Lane in the East End of St John's a new $10million dollar condo development will be built.
In the West End of St. John's a new $8million dollar seniors condominium complex will be built as well as another in the Center of the City on Blackmarsh Road.
A 200 home project is expected to get underway off Ruby Line and Heavy Tree Road in Mount Pearl.
Lots of new Box Stores being constructed up on Stavanger Drive Area. (Best Buy, Kesleys, new RONA building, new Canadian Tire building) as well as new ones on Kesley Drive near Kenmount Terrace.