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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