In the St. John's area, continued growth is expected and indeed, we are in an upward trend in population, income, and employment- these are the 3 key drivers of the housing demand.
Growth is driven by capital project activity; as you can imagine, the following projects continue to play an important role in our province's growth.
- Muskrat Falls & Gull Island
- Oil field expansions and extensions
- White Rose GBS- type drilling platform
- Statoil discoveries at Bay Nord, Mizzen and Harpoon
- IOC expansion and Alderon Iron Ore project
***Oil sector remains key driver of the economy.
Mixed Multiple Listing Service sales activity:
- St. John's area total sales -8.8% to 2,102
- Average MLS* price +3.4% to $313,529
- 455 MLS new construction listings 129 (*** "to be built") as of September 3rd
- 325 single-detached homes (97 "to be built")
- 130 condos (32 to be built)
- Total -2.3%; single detached -2.8 vs. earlier in the summer in June.
All indicators point to a strong buyers' market.
- Average MLS price is holding steady around $310,000
- Unit sales are down 8.8%
- Active listings average of 2,400 a month is up 13%
- Days on market average 65 days vs. 63 days a year ago
- Offers at approximately 98%- same as 1 year ago
All in all, according to CMHC, we have indeed had a busy summer and while we continue to be in a strong buyers market, the fall looks good for us all!
A big thank you to RE/MAX Infinity and Team Burton for inviting CMHC in for our team meeting this AM. It sure is awesome to be a part of a team that wants us as realtors to have the most current information and the answers for many our of clients questions.
I hope you have enjoyed these facts! if you have any questions or comments please send them along to me!