Well the first quarter of 2015 is behind us and there hasn’t really been much movement with regards to the St. John’s Real Estate Average House Prices. Typically we pick up in the spring time, so hopefully with the snow melting this once again holds true. The media has been pumping a lot of negative about the real estate market and saying big words like “bubble” and “housing crash”. I can not stress, this is far from the truth. We are certainly not going to see any positive gains this year, but we certainly will not see huge negative numbers either. There have been more homes over the 750k range sold thus far this year then all last year combined. The St. John’s average house price will remain flat for 2015 and CMHC’s is predicting about the same for 2016.
Total # of MLS Listings = 942
Total # of Sales [Mar] = 318
Number of Active Listings for Sale in Newfoundland = 4491
Numbers are based on both residential and commercial listings/sales
Here is a break down by area for March:
St. John’s: Listings = 178 Sales = 72
Sales/Listings Ratio = 40%
St. John’s average house price: $304,884 for the month of March and the 12 month average $340,348
Mount Pearl: Listings = 30 Sales = 20
Sales/Listings Ratio = 67%
Mount Pearl Average house Price (12 month average): $290,855
Paradise: Listings = 34 Sales = 17
Sales/Listings Ratio = 50%
Paradise Average house Price (12 month average): $351,582
East Extern: Listings = 49 Sales = 24
Sales/Listings Ratio = 28%
East Extern Average house Price (12 month average): $406,325
Conception Bay South: Listings = 66 Sales = 14
Sales/Listings Ratio = 21%
CBS Average House Price (12 month average): $304,910
How does your home compare to the St. John’s average house price? For a free Market Assessment on your property please contact us. We would be more then happy to assist you and show you how to get top dollar in this changing St. John’s Market.
Sales jumped 16% for the month of March and are up 5% so far in 2015. As I mentioned in last months February real estate stats review we saw a flurry of activity towards the end of the month and this pop in sales was quite possible. Total listings are exactly the same as this time last year (actually on par the past 2 years). Once again we are seeing huge numbers of listings expire. 53% difference in listings last month compared to March 2014 and 40% increase in expired listings for the first quarter of 2015.