St. John’s Real Estate Market update via CMHC

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

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.

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St. John’s Newfoundland MLS Stats for April 2012

May 5, 2012 · Filed Under Monthly MLS Stats · Comment 

Total # of MLS Listings [April] = 1092 (based on residential stats)

Total # of Sales [April] = 308

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3832

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

St. John’s Real Estate: Listings = 189 Sales = 70 Sales/Listings Ratio = 37%
Average sale price for a home in St. John’s: $316,432 for the month of April and the 12 month average $299,129

Mount Pearl Real Estate: Listings = 31 Sales = 14 Sales/Listings Ratio = 53%
Average Sale Price (12 month average): $255,155

Paradise Real Estate: Listings =80 Sales = 28 Sales/Listings Ratio =46%
Average Sale Price (12 month average): $324,631

East Extern Real Estate: Listings = 48 Sales = 20 Sales/Listings Ratio = 32%
Average Sale Price (12 month average): $330,133

Conception Bay South Real Estate: Listings = 53 Sales = 18 Sales/Listings Ratio = 35%
Average Sale Price (12 month average): $280,714

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

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Home for sale in Airport Heights St. John’s – 37 Burry Port

April 30, 2012 · Filed Under New MLS Listings, St. John's East End and St. John's MLS listings · Comment 

37 Burry Port is a well kept split entry, 2 bedroom home located in Airport Heights. Large eat-in kitchen with birch cabinets. Patio door leads to a pressure treated patio deck. Hardwood floors throughout the main floor. Crown mouldings. Basement is roughed in for 3 piece bathroom. Double paved driveway. Fully landscaped and fenced. Call Fraser or Stephen Winters for more information. MLS: 176378 Asking price: $274,9000   Reduced: $269,900

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House for Sale in St. John’s East End – 15 Pearson Street

April 30, 2012 · Filed Under First Time Buyers, New MLS Listings, St. John's East End and St. John's MLS listings · Comment 

15 Pearson Street is a 3 bedroom semi -detached 2-storey with basement development. Located on a mature street in the east end of St. John’s near Stavanger Drive, Quidi Vidi Lake and only minutes away from MUN. Open concept kitchen with patio door. Upgrades include a new 200 amp electrical service, mostly all vinyl windows, roof shingles replaced 6 years ago and the main bath has a new tub surround. The basement has a family room, large laundry and storage space as well as a half bathroom. The lot is spacious with an 8 x 8 shed and attached greenhouse, along with a vegetable garden and mature trees. Fully landscaped and fenced backyard. Asking price is: $259,900. Call Fraser or Stephen Winters for more information. MLS: 176341

 

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MLS Trends for Eastern Newfoundland (First Quarter 2012)

April 12, 2012 · Filed Under CMHC Reports · Comment 

 First Quarter MLS® Sales Up Slightly

  • MLS® residential sales increased 3.4% to 635 compared to 2011’s first quarter sales of 614
  • January, February and March MLS® sales were 197, 207 and 231, respectively
  • First quarter average MLS® house price climbed 7.4% to $277,698 compared to $258,668 during the first quarter of 2011

Buyers’ Market Conditions

  • There were 1,664 new residential listings during the first quarter compared to 1,518 during the same period in 2011, an increase of 9.6%
  • Monthly active listings, or inventory, averaged 1,622 versus 1,516 during 2011’s first quarter
  • The sales-to-active listings ratio indicated buyers’ market conditions with 12.5% of listings selling in January and February; 14.2% in March and averaged 13% during the quarter versus a slightly better  13.4% in the first quarter of 2011

 Active Listings Higher

  • Active residential listings, or inventory, increased 7% during the first quarter compared to a much higher 38% increase a year ago
  • Active listings for January, February and March were 1,579, 1,656 and 1,631, respectively
  • The higher rise in inventory relative to the 3.4% sales increase, resulted in buyers’ market conditions during the entire first quarter

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29th Annual Home Show 2012 presented by RE/MAX

April 12, 2012 · Filed Under First Time Buyers, New Home Construction, Remax Newfoundland and St. John's Real Estate · Comment 
Mile One Centre is pleased to once again host the Canadian Home Builders’ Association of Eastern Newfoundland Home Show presented by RE/MAX. This year marks the 29th annual event for CHBA-EN home show.
Running from May 04-06, 2012 at Mile One Centre.

Please click here for details www.nfbuilders.ca

Tickets can be purchased at the door and are $5 and $4 for students and seniors.

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March Housing Starts in the St. John’s Real Estate Area

April 11, 2012 · Filed Under CMHC Reports · Comment 

According to CMHC, housing starts in the St. John’s region decreased during the month of March, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). March’s housing starts totalled 57 units throughout the St. John’s area compared to 84 units in March 2011. For the first quarter of 2012, starts were up 19 per cent to 287 units.

Single-detached and multiple unit construction activity were mixed throughout the St. John’s area in March. Multiple starts caused the overall decline, with 16 units recorded versus 42 a year ago, while single-detached starts were flat with 41 units recorded. “While multiple starts declined, solid economic and demographic fundamentals continued to support the local housing market during March,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

In urban centres across Canada, total housing starts recorded in March were up 18 per cent to 13,761 units compared to 11,655 a year ago. Single-detached starts increased 11 per cent to 4,030 units, while multiple starts increased 21 per cent to 9,731 units in March. In the Atlantic region, 333 new units were started compared to 271 during March 2011.

The full press release can be found here.

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