The most recent stats from the Newfoundland and Labrador Association of Realtors (NLAR) paint an interesting picture of the provincial real estate market.

2007

2006

%INC/DEC

[ 2006 - 2007 ]

Total # of Listings [Month]

270

339

-20%

Total # of Listings YTD

9461

9326

1%

Total # of Expired Listings [Month]

748

806

-7%

Total # of Expired Listings YTD

3825

4108

-7%

Total # of Sales [Month]

381

297

28%

Total # of Sales YTD

4878

3897

25%

Total Sales Dollar Volume [Month]

$59,888,280

$41,606,247

44%

Total Sales Dollar Volume YTD

$705,095,411

$532,491,902

32%

It's tough to pick the big news from this table. There are dramatic differences in all but one category, the Total # of Listings YTD, which is only up 1% over 2006. However when you compare that to the Total # of Listings [Month] which is down 20% and couple that with the 28% increase in the Total # of Sales (Month), its reasonable to conclude that:

  • we have entered a much tighter market,
  • the inventory is drying up,
  • buyers can expect upward pressure on the price of houses because of the decrease in supply,
  • home will sell faster, and
  • buyers will have less time to consider the pros and cons of a purchase

From my chair, I don't see the demand easing. I get 5 - 10 inquiries a day from people looking to buy St. John's real estate. That's much higher than this time last year, and as we move into the spring and summer I expect that number to skyrocket. Time to get moving folks.

For more information on the St. John's real estate market email me larry@larryhann.com or call me direct 728-1169 or toll free 866-728-1169