The St. John’s Real Estate Market for the month of March (2014) showed little change from the previous month with regards to price changes. We are seeing fair number of price reductions on properties. (a good thing) Listings were down slightly this month so this could quite possibly be a little shift in the market. With all the inventory out there we really need some of it to “dry up”. There are lots of buyers looking and inquiring but many are sitting on the fence. Expired listings are down from last month but still 23% of listings are expiring. The total number of sales for the year are down 7% unchanged from February.
Personally I expect once all this snow disappears we will start to see a slight shift in the St. John’s real estate market. I don’t expect records numbers, however I think we will get back to a more balance real estate market.
Total # of MLS Listings [Mar] = 947 Total # of Sales [Mar] = 273
Number of Active Listings for Sale in Newfoundland = 4261
Numbers are based on both residential and commercial listings/sales
Here is a break down by area for March:
St. John’s Real Estate: Listings = 147 Sales = 59 Sales/Listings Ratio = 40%
Average sale price for a home in St. John’s: $352,860 for the month of March and the 12 month average $334,331
Mount Pearl Real Estate: Listings = 35 Sales = 9 Sales/Listings Ratio = 26% Average Sale Price (12 month average): $297,417
Paradise Real Estate: Listings = 35 Sales = 16 Sales/Listings Ratio = 46% Average Sale Price (12 month average): $352,421
East Extern Real Estate: Listings = 54 Sales = 14 Sales/Listings Ratio = 26% Average Sale Price (12 month average): $370,422
Conception Bay South Real Estate: Listings = 43 Sales = 19 Sales/Listings Ratio = 44% Average Sale Price (12 month average): $305,946