December a record month for home sales and average price

The resale housing market in Newfoundland ended the year on a high note, with sales climbing to the highest level on record for the month of December. The average sale price also scaled new heights in December.

 

According to statistics provided by the Newfoundland and Labrador Association of REALTORS®, 399 homes were sold through the MLS® System in December 2009. This was a record for December sales, up 42 per cent from the same month on 2008.

 

Nationally, home sales jumped 72 per cent from one year earlier, which was, in part, a reflection of last year’s weak showing.

 

Despite the uptick in home sales toward end of 2009, annual home sales in Newfoundland were down from the peak in 2008. A total of 4,416 homes traded hands in 2009, down six per cent from the previous year. Annual activity also stood slightly below levels reported in 2007.

 

Monthly residential activity in St. John’s was up 39 per cent year-over-year, compared to an increase of 44 per cent for the rest of the province. Single detached home sales activity in St. John’s was up 16 per cent year-over-year in December 2009.

 

Activity increased significantly above $225,000, rising 62 per cent for transactions priced $225,000 to $300,000. The number of days on market for sales priced above $300,000 was 153.5 days, up 44 days compared to December 2008. The median number of days on market for transactions priced $75,000 to $150,000 shrank to 36 days in December 2009, down 48 days from a year earlier.

 

The residential average price for homes sold in Newfoundland rose to the highest level on record in December. The average price for home sales in December 2009 was $231,107. This is an increase of 12 per cent from a year earlier, and represents the 33rd consecutive month in which average price has risen from year-ago levels. The national average price was up 19 per cent from a year earlier to $337,410.

 

On an annual basis, the provincial average price rose 16 per cent to $206,374 in 2009 – also a record.

 

The dollar value of all home sales in the province amounted to $92.2 million in December 2009, up 59 per cent from a year earlier. This is the highest dollar volume on record for the month of December. The total dollar value of all homes sold in 2009 was $911.3 million, rising nine per cent from 2008.

 

New residential listings on the Association’s MLS® System were down 20 per cent from one year earlier to 240 units in December. This is the fourth consecutive decline in new listings. Active residential listings numbered 1,220 units at the end of December 2009, dropping 10 per cent year-over-year. This is the first decline in a year.

 

There were 3.1 months of inventory at the end of December 2009, the lowest level since October 2008. 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.

 

Newfoundland and Labrador

December 2009

Year/year % change

MLS® residential unit sales

399

+42%

MLS® residential dollar volume

$ 92,211,504

+59%

MLS® residential average price

$ 231,107

+12%

Total MLS® unit sales

452

+45%

Total MLS® dollar volume

$ 97,109,282

+61%

 

 

Newfoundland and Labrador

2009

Year/year % change

MLS® residential unit sales

4,416

-6%

MLS® residential dollar volume

$ 911,349,409

+9%

MLS® residential average price

$ 206,374

+16%

Total MLS® unit sales

4,858

-6%

Total MLS® dollar volume

$ 949,833,896

+8%

 

The Newfoundland and Labrador Association of REALTORS® was created in 2005. The Association represents more than 500 REALTORS® in all regions of Newfoundland and Labrador, providing professional support and a local Multiple Listing Service®. Listings can also be viewed on the national www.REALTOR.ca web site (residential properties) and ICX.CA (commercial and investment properties).

For additional information, please contact:
Dorothy Saunders
Executive Director
Newfoundland and Labrador Association of REALTORS® (NLAR)
28 Logy Bay Road
St. John's, NL A1A 1J4
Phone: (709) 726-5110


The information contained in this report has been prepared by The Canadian Real Estate Association, in co-operation with the Newfoundland and Labrador Association of REALTORS®. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, neither The Canadian Real Estate Association nor the Newfoundland & Labrador Association of REALTORS® assumes any responsibility or liability. Copyright© The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.
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