While the start of the year was slow for the St. John’s real estate market (as was the weather) things came back to normal as we ended the 2nd quarter and grinded through the 3rd Quarter. With all the municipal property assessments happening, there appears to be a lot of shocked home owners and potential appeals in the near future. If you wish to appeal your property assessment figure in St. John’s here is the link. Lots of info on the City of St. John’s website. Curious to know what’s the difference between appraisal value and assessment value? We can help.
Total Listings are down just 1% year to date and the number of sales til September are basically flat being up just 1%. Even the expired listings are coming back to “normal” levels coming in at about 11% year to date.
Total # of MLS Listings = 1162
Total # of Sales [Sept] = 455
Number of Active Listings for Sale in Newfoundland = 5788
Numbers are based on both residential and commercial listings/sales
Here is a break down by area for September:
St. John’s: Listings = 233 Sales = 98
Sales/Listings Ratio = 42%
St. John’s average house price: $334,529 for the month of September and the 12 month average $321,392
Mount Pearl: Listings = 32 Sales = 13
Sales/Listings Ratio = 41%
Mount Pearl Average house Price (12 month average): $297,370
Paradise: Listings = 55 Sales = 21
Sales/Listings Ratio = 38%
Paradise Average house Price (12 month average): $358,266
East Extern: Listings = 65 Sales = 18
Sales/Listings Ratio = 28%
East Extern Average house Price (12 month average): $388,032
Conception Bay South: Listings = 69 Sales = 24
Sales/Listings Ratio = 35%
CBS Average House Price (12 month average): $302,883
For Newfoundland and Labrador, demand for housing will remain soft over the forecast period as a result of recent declines in net migration coupled with a weaker outlook for employment.As income growth continues to remain below the pace of growth in house prices, first-time homebuyer activity is also expected to weaken, resulting in the single- detached housing market declining to 2,100 single starts in 2014 and 2015.
Multi-unit construction is expected to rise moderately in 2014 after declining significantly in 2013.The forecast is for a small rise to 650 units in 2014 followed by a moderate decline to 600 units in 2015.The current interest in new multi-unit construction is likely to grow if recent projects are able to leave few newly completed and unoccupied units. Semi-detached and row starts activity is not expected to rise significantly over the forecast due to a pullback in demand by first-time buyers.
Although wage growth remains positive in NL, there are expectations for a decline in sales as a result of the weakening outlook for employment. MLS® sales will moderate over the forecast period to 4,050 in 2014 and 4,000 in 2015.
Prices are expected to rise close to the expected rate of inflation as demand continues to soften and inventory levels remain elevated. Average MLS® house prices are expected to rise to $290,000 in 2014 and $295,000 in 2015.