Total MLS listings are up 8% for the month of April and up 2% so far for the year. On the sales side of the coin, sales of houses in the St. John’s Real Estate Market area are up 5% for both the month and for the year. Basically there has been no change in the sales for the past 2 months. 49% difference in expired listings last month compared to April 2014 and 37% increase in expired listings thus far for 2015.
Total # of MLS Listings = 1003
Total # of Sales [Apr] = 278
Number of Active Listings for Sale in Newfoundland = 4756
Numbers are based on both residential and commercial listings/sales
Here is a break down by area for April:
St. John’s: Listings = 205 Sales = 63
Sales/Listings Ratio = 31%
St. John’s average house price: $314,684 for the month of April and the 12 month average $339,200
Mount Pearl: Listings = 33 Sales = 15
Sales/Listings Ratio = 45%
Mount Pearl Average house Price (12 month average): $289,308
Paradise: Listings = 62 Sales = 21
Sales/Listings Ratio = 34%
Paradise Average house Price (12 month average): $353,028
East Extern: Listings = 66 Sales = 12
Sales/Listings Ratio = 18%
East Extern Average house Price (12 month average): $404,438
Conception Bay South: Listings = 39 Sales = 24
Sales/Listings Ratio = 62%
CBS Average House Price (12 month average): $304,457
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.