This was an increase of 7.1 per cent from the same month a year earlier. Nationally, home sales were up 7.5 per cent on a year-over-year basis in December 2014.
On an annual basis, home sales in 2014 numbered 4,100 a decrease of 4.7 per cent from 2013. Residential activity in St. John’s was up 23.3 per cent on a year-over-year basis in December. This stood in contrast to a one per cent decrease for the rest of the province.
Single detached home sales in St. John’s increase 46.2 per cent from levels recorded in December 2013. Multi-family home sales were unchanged from a year earlier resulting in the strong overall residential increase.
Transactions in the range from $150,000 to $250,000 increased by 34.8 per cent from year-ago levels, while sales activity priced between $250,000 and $350,000 fell 11.9 per cent. Sales in the price range from $350,000 to $500,000 were up 5.1 per cent. Sales priced above $500,000 declined 26.3 per cent from December 2013 to December 2014.
The average price for homes sold across all of Newfoundland and Labrador in December 2014 was $273,769, down 5.4 per cent compared to a year earlier. The national average price was $405,569 in December 2014, up 3.9 per cent from December 2013. The dollar value of home sales in the province amounted to $90.3 million in December 2014, falling up 1.4 per cent from a year earlier.
The number of new residential listings on the Association’s MLS® System was up 4.5 per cent from a year earlier to 375 units in December. The overall supply of homes on the market is currently running at historically elevated levels but appears to have peaked in September. Active residential listings numbered 2,559 units at the end of December 2014, up 15.4 per cent from the same time a year earlier.
There were 7.8 months of inventory at the end of December 2014, up from 7.2 months at the end of December 2013. This also stands well above the long-run average for months of inventory at this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
*** Credit goes to Home Styling by Cathy for this great info! Visit Cathy's website: www.homestylingbycathy.com