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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)

St. John’s Real Estate House Prices for November 2014

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St. John’s Real Estate Average House Prices for November 2014

Total # of MLS Listings = 774
Total # of Sales [Nov] = 334

Number of Active Listings for Sale in Newfoundland = 5127
Numbers are based on both residential and commercial listings/sales

 

Here is a break down by area for November:

St. John’s: Listings = 154 Sales = 83
Sales/Listings Ratio = 54%
Average sale price for a home in St. John’s: $305,768 for the month of November and the 12 month average $345,712

Mount Pearl: Listings = 29 Sales = 17
Sales/Listings Ratio = 59%
Average Sale Price (12 month average): $302,267

Paradise: Listings = 61 Sales = 25
Sales/Listings Ratio = 41%
Average Sale Price (12 month average): $347,060

East Extern: Listings = 36 Sales = 12
Sales/Listings Ratio = 33%
Average Sale Price (12 month average): $405,925

Conception Bay South: Listings = 40 Sales = 20
Sales/Listings Ratio = 50%
Average Sale Price (12 month average): $307,752

Average Home Prices in St. John’s for October 2014

House Graph

St. John’s Real Estate Average House Prices for October 2014

Total # of MLS Listings = 994
Total # of Sales [Oct] = 432

Number of Active Listings for Sale in Newfoundland = 5384
Numbers are based on both residential and commercial listings/sales

 

Here is a break down by area for October:
St. John’s: Listings = 240 Sales = 67
Sales/Listings Ratio = 28%
Average sale price for a home in St. John’s: $358,225 for the month of October and the 12 month average $346,513

Mount Pearl: Listings = 38 Sales = 16
Sales/Listings Ratio = 42%
Average Sale Price (12 month average): $300,476

Paradise: Listings = 63 Sales = 25
Sales/Listings Ratio = 40%
Average Sale Price (12 month average): $350,679

East Extern: Listings = 64 Sales = 20
Sales/Listings Ratio = 31%
Average Sale Price (12 month average): $404,049

Conception Bay South: Listings = 48 Sales = 35
Sales/Listings Ratio = 73%
Average Sale Price (12 month average): $303,353

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St. John’s Real Estate Stats for September 2014

st. john's real estate prices

St. John’s Real Estate Stats for September 2014

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