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18 Waterford Heights North – MLS® Home for sale St. John’s West End

18 Waterford Heights North

18 Waterford Heights North
18 Waterford Heights North is located literally steps across the street from Bowring Park and situated on a mature 170ft deep lot with southern exposure.

This spacious multi levelled home has been extensively renovated in recent years. Enjoy gleaming cherry hardwood floors on an open concept main floor. Crown mouldings throughout most of the home. The kitchen has been renovated and includes a large centre island. There is a large master bedroom with new ensuite and walk-in closet. On the lower level there is a bright and spacious family room perfect for entertaining. The mud room/laundry room combination has an exterior door with access to a beautiful, big, mature garden with new privacy fence, patio, fire pit deck. Did we mention the large deep private lot with southern exposure across from Bowring Park?

MLS® 1154127
Asking Price: $479,900

BUILDING DETAILS
• Building Type: Single Family dwelling
• Stories: 1
• Construction Style: Detached
• ConstructionStyleSplitLevel: Sidesplit
• Bathrooms (Full): 1
• Bathrooms (Partial): 2
• Bedrooms: 3
• Floor Space: 2350 sqft
• Exterior: Vinyl siding
• Flooring: Hardwood, Laminate
• Heating Type: Baseboard heaters
• Heating Fuel: Electric
• Utility Sewer: Municipal sewage system
• Water: Municipal water
• Landscape Features: Landscaped

For additional information and photo visit the RE/MAX website

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St. John’s Real Estate Market Spring Report

St. John's Real estate Market Spring Report

Taking advantage of continued historically low interest rates, first-time buyers fueled sales in the St. John’s real estate market region in the first quarter of 2016. This buyer group makes up approximately 60 per cent of the regional housing market activity. Despite the lower price of oil, the Greater St. John’s Area has seen seven consecutive months of decreased inventory and average days on market also fell to 69 days in the first quarter of 2016 compared to 74 in 2015.

First time buyers

First time buyers in the St. John’s Metro Real Estate market are often young professionals with dual income and no children looking at properties priced between $250,000 and $300,000. The suburbs are currently a popular choice as these neighbourhoods offer new homes starting at $250,000 and often boast new schools and recreation facilities as well as shopping with only a 15 minute drive to the city. Typically, first-time buyers outgrow their first homes within five to ten years as their families and incomes grow.

Condo Market

With only five per cent of sales in the region attributed to condo sales, the condo market is relatively small. Demand is largely from first-time buyers looking to live in the heart of the city at an attractive price point or empty-nesters downsizing to free up equity and simplify their lives. Condos priced correctly and in the heart of the city see the most demand.

Luxury Market

A typical luxury property in the Greater St. John’s region starts at approximately $500,000 and buyers are often employed in the oil industry. While inventory has increased compared to last year, unique properties with a lot of amenities are still attracting interest. Luxury sales in the region are flat compared to last year.

For a list of homes for sale in St. John’s and surrounding areas

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Recap of the 2015 St. John’s average housing price and 2016 Predictions

St. John’s Average Housing Price

The St. John’s average housing price (Metro Area) declined by approximately two per cent year-over-year to an estimated $297,300 for 2015. Sales increased moderately: there were 833 sales between January and October of 2015, compared to 793 during the same period last year. There was a good selection of inventory on the market in 2015, and properties averaged 70 days on market. Similarly high inventory levels are expected for 2016, and may cause prices to soften somewhat.

St. John's Average House Price

Buyers looking to purchase first homes in the $270,000 to $330,000 range drove the market, followed by move-up buyers purchasing in the $350,000 to $400,000 range. Foreign buyers are fairly new to the St. John’s real estate market, and are anticipated to play a growing role over the next several years.

First-time buyers

In October, the government of Newfoundland and Labrador introduced the Downpayment Assistance Program, which provides first-time homebuyers with low-to-moderate incomes the opportunity to qualify for downpayment loan assistance to purchase a home. The new program, combined with continued low interest rates, is expected to increase the number of first-time buyers next year. This is anticipated to increase demand for entry-level homes, encouraging their current owners to sell and move up.

 

Condo market

There is high inventory in the St. John’s condo market, as many new developments were built to meet demand from the oil industry, which has since been scaled back. A good selection of entry-level units appeals to first-time buyers and “downsizers”.

Luxury homes

The luxury home market was slower in 2015, due to the decline in oil prices and cutbacks in the industry. There were 25 sales in the $750,000 to $1 million range between January and October 2015, compared to 41 during the same period in 2014. Although demand has decreased, St. John’s average housing price in the luxury market are expected to remain stable in 2016.

st johns average housing price

 

 

RE/MAX Newfoundland Spring Market Report 2015

St. John’s housing market had a brisk first quarter resulting in a 6 per cent increase in sales compared to the same period last year. Oil’s price volatility has slightly decreased consumer confidence. However, the region has made very significant price gains during the past ten years and off-shore oil companies like Hibernia are still hiring. The region’s population, income levels and employment levels are stable.

• Low interest rates and excellent selection of inventory are benefiting buyers

• Retirees are increasingly selling their houses and moving into rentals to release equity in their home

• Buyer activity among parents purchasing property for their university-age children is high

 

Condo Market

Entry-level condominiums have been popular with downsizers. Currently, there is ample supply offering excellent selection. Development projects, built to meet the demand caused by the oil industry, have resulted in high condo inventory. Building has been scaled back, reducing the number of new specs from 12 to 4.

First-time buyers

First-time buyers represent 50 per cent of the region’s market activity. A growing trend for first-time buyers in the region is buying in suburban areas that offer more space. A popular location is Conception Bay South, where young buyers can get a home for $240,000 if they are willing to do the 15 to 20 minute daily commute into the city.

Upper-End Market

The upper-end market is fairly active showing a modest year-over-year decrease in inventory. Quality listings are in demand as potential luxury buyers are proving resilient while other housing types are firmly in a buyer’s market. Low interest rates and stable professional employment are both significant drivers of demand.

Region is expected to stay in a buyer’s market throughout the remainder of 2015

• As oil prices stabilize, St. John’s housing market is also expected to stabilize

• Although the lower Canadian dollar has greatly enhanced American tourism to the area, the favourable exchange rate is not expected to draw US buyers to the region

• Potential provincial budget cuts, which are expected after the federal budget, are creating uncertainty in local market confidence

• RE/MAX’s 2015 average residential price expectation for St. John’s is unchanged and expected to remain flat

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St. John’s Real Estate Market Outlook for 2015

 

In the past year, the St. John’s real estate housing market saw an 18.3 per cent increase in listings. This influx in inventory created buyer’s market conditions in 2014, and by the end of October, there was enough of a build-up in listings on the market to sustain a buyer’s market throughout 2015.

Despite the rise in inventory, properties on the market maintained their price last year, and the average residential sale price in St. John’s increased to approximately $313,000 in 2014 from $301,000 the previous year. The average residential sale price in St. John’s is expected to remain stable in 2015.

st. john's average house prices

 

Many of the listings on the market in 2014 were newly built properties, both within St. John’s proper and just outside the city. Several new subdivisions were completed in the past few years, and many of these have been very slow to sell. Because of the downturn in sales for new builds, condo projects that were scheduled to begin construction next year were put on hold.

Many buyers and sellers in the St. John’s market are oil and gas or mining workers, who regularly transfer in and out of the city. Memorial University and the Health Sciences hospital are big employers as well, and many first time buyers work in education or health care. The tightened mortgage lending criteria had a significant impact on this group when the new regulations were introduced in 2012, but the impact has lessened as buyers have adapted to the new rules. In 2014, the impact of the lending criteria was mostly felt in the investment property and second home markets. Parents purchasing a house for their children while they were in university and people buying cabins as recreation properties were two buyer categories that decreased significantly in the past few years.

At the upper-end of the market, there was an abundance of selection in the $400,000 range. Newly built homes priced around $600,000 sold well, typically to buyers who work in the oil industry and were either moving up within St. John’s, or had relocated from outside the province. Resale properties in the upper-end of the market sold well too. In King William Estates, an established high-end area in St. John’s East End, on the rare occasion that houses do come on the market, they sell very quickly. The upper-end market is expected to remain stable in 2015, provided the builders continue to delay new development projects.

Overall, St. John’s is projected to see stability in 2015. Provided that building slows down, as is expected, inventory should start to diminish, days on market decrease, and average price should remain stable.

(source: RE/MAX Housing Market report 2015 http://download.remax.ca/PR/HMO2015/Report/Outlook2015Final.pdf)