Well Christmas definitely got in the way of my commitment to post at least weekly to my blog. Now that the festivities are a memory, it’s time to pick up where I left off, and get back to the business of blogging. Over the next month or so I’ll be taking a look at the local, residential, real estate market. Don’t expect to see an in depth analysis, but I promise more than a broad sweep of the market. Having said that, a broad sweep is a good place to start so let’s take a quick look at the year end stats released by the Newfoundland and Labrador Association of Realtors.

Provincial Listings Status Report January – December 2006

2006

2005

2004

% inc/dec

(2005 – 2006)

Total Listings YTD

9307

8935

7500

4%

Total # of Expired Listings YTD

4220

3491

2861

21%

Total # of Sales YTD

3652

3681

3702

-1%

Total Volume of Sales YTD

$496,486,701

$494,524,755

$465,926,857

0%

If tables and stats are a major turn off, here’s what it means:

If you are a buyer: It’s a good time to purchase, mortgage rates are still low, the numbers of listings are up by 4%, and more  importantly the number of expired are up by 21%. While we haven’t shifted to a buyer’s market where you guys are pretty much in control, you can expect to get a reasonably good deal. Sellers have either priced their property competitively, or will be more open to price reduction. Either way it means you get a good buy.

If you are a seller: With the number of listings up and the number of expired listings way up (21%), if you are serious about selling, now is not the time to test the market. There are a number of ways you can increase the likelihood that your home will sell. Most importantly, make sure your agent does a thorough comparative market analysis, so that you enter the market at the right price point. Second, get a professional staging consultation to help you prepare your home for sale. And third, make sure your agent thoroughly markets your property online.

Well that information gave you a general idea of trends, and is a loose predictor for the coming months. But keep checking back. I’ll be talking about the market in much more detail. For instance I’ll examine sales by category i.e. single family homes, condos, 2 apartments, by geographical areas i.e. St. John’s East, St. John’s West etc. and also by price point.

Remember knowledge is power, the power in this case to get you the best deal on your home whether you’re buying or selling.