St. John's Real Estate - March Stats Reveal Best Areas for Buyers and Sellers

I always like to drill a little deeper into real estate statistics. It generally gives you a better picture of how a particular set of numbers affect your personal situation. NLAR released their March statistics on Monday and little analysis proved interesting.  

The Number of Listings is Way Down Right? IT DEPENDS!

According to the comprehensive NLAR report listings are down 6% in the province. That's a misleading number. You have to look at specific geographic areas to find the kind of numbers that that matter to you. If you live in the the Paradise - St. Thomas Line area listings are only down 2.5% (YTD) from the same time period in 2007. In the East Extern they're down a little more at 9%. However none of these numbers come close to the dramatic decreases talked about in recent media coverage and (shame on me) prior posts on this blog.

It's when you shift the focus to Mount Pearl, CBS and St. John's that you see the kinds of numbers that made the news. Mount Pearl is leading the way with a 30% drop in the number of listings, CBS is a close second at 26% and in St. John's listings are down 20%.

Identifying Opportunities

These stats are important whether you are buying or selling. For example, compare buying a home in Paradise to buying a home in Mount Pearl. Given the number above it would be reasonable to assume if you choose to buy a home in the Paradise area, you may have a breathing space to consider your purchase. There may even be an opportunity to bargain. Whereas in Mount Pearl, where listings are down 30%, a smart buyer will be prepared to make an immediate offer at their absolutely best price and conditions. Even then you may still lose to a higher bid.

For sellers these numbers provide you and your real estate agent with insight into your particular market area. The higher the drop in the number of listings, the more aggressively you can price your home.

If you would like assistance with buying or selling a home please call or email. I'm always happy to answer any of your real estate questions.

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