Average St. John's Housing Prices for September 2014
Prices in the St. John's Real Estate Market remain steady throughout most of 2014. It's currently classified as a buyer market but there are still a number of multiple offer situations and homes selling very quickly in certain areas.
Total # of MLS Listings = 1111
Total # of Sales [Sept] = 430
Number of Active Listings for Sale in Newfoundland = 5508
Numbers are based on both residential and commercial listings/sales
Here is a break down by area for September:
St. John’s: Listings = 291 Sales = 86 Sales/Listings Ratio = 30%
Average sale price for a home in St. John’s: $321,928 for the month of September and the 12 month average $345,988
Mount Pearl: Listings = 52 Sales = 17 Sales/Listings Ratio = 33%
Average Sale Price (12 month average): $298,465
Paradise: Listings = 77 Sales = 22 Sales/Listings Ratio = 29%
Average Sale Price (12 month average): $353,284
East Extern: Listings = 47 Sales = 21 Sales/Listings Ratio = 45%
Average Sale Price (12 month average): $402,665
Conception Bay South: Listings = 61 Sales = 25
Sales/Listings Ratio = 41%
Average Sale Price (12 month average): $304,576
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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 2014. Residential sales over $500,000 broke the existing record in 2013, with 172 units changing hands compared with 161 in 2012, 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.