St. John's East Market Watch

I have to admit when I started to compile the numbers for this report, I did a double take when I saw that the average selling price for single family homes under $175,000 was down by 2.8% from 2005 and that conods under $175,000 were down by 5.9%. I was so surprised that I did the numbers for the entire region (excluding the Southern Shore and CBS Central and North). Sure enough, as a region, the price was down by 2.9% for single family homes, however while condos were down, it was only by .3%. Good news for buyers, definitely not what sellers want to see.

If you lived in St. John's Central, you beat the odds in both categories. If you sold you're house last year, prices were up by 6.8% from 2005, if you sold your condominium prices were up by 7.7%. Looks like that old refrain location, location, location definitely holds true in this case.  

What does it all mean? Don't pay attention to the broad statistic, you get the true picture when you dig deep. If you're a seller, don't take anything for granted. Make sure your home is 100% ready for the market, price it correctly right from the get go, and make sure your agent has a solid marketing plan for your home.

If you're a buyer, congratulations, the ball's in you're court. Get preapproved and start shopping. Economic conditions are in your favor. If Danny can move any of the mega projects along prices will go up, probably in a big way.  

Again please forgive formatting errors. This blogging platform is still in the testing phase.

Single Family Homes

< $175,000.00                                             Average sale price was down by 2.8 %

$175,100.00 – $250,000.00                        Average sale price was up by up 1.2 %

$250,100.00 >                                             Average sale price was up by 3.9%

2-Apartment Homes

< $175,000.00                                             Average sale price was up by 2.8%

$175,100.00 – $250,000.00                        Average sale price was down by 0.6%

$250,100.00 >

Condominiums

< $175,000.00                                             Average sale price was down by 5.9%

$175,100.00 – $250,000.00                        Average sale price was up by 21.8%

$250,100.00 >

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