St. John's Real Estate
06 January 2008

Newfoundland and Labrador Real Estate Market Report

 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

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