With the state of emergency in St. John’s for over a week it certainly played its toll on a number of businesses and real estate was one of them. Delays in closings, cancelled showings and home inspections all contributed to a decline in offers. To my surprise as soon as the SOE was lifted the market seemed to explode with activity.
Overall, with Average Prices falling and Days on Market increasing, the Listed versus Closed Ratio finished strong this month. There were 371 New Listings in December 2019, down 4.13% from last year
The St. John’s real estate market will continue to favour buyers in 2020, according to the 2020 RE/MAX Housing Market Outlook Report. The sale price expectation for St. John’s real estate market in 2020 is a decline of two per cent.
You turn on the television and watch a news story about real estate house prices going down in St. John’s. Then you receive a flyer in the mail about a property around the corner that sold for a decent price.
We frequently are asked from home owners (as well as some buyers) what is the difference between an appraisal and the assessment value of a property?
The two are completely different and are used for different reasons. They have no correlation to each other at the current time.
Residential activity in the St. John’s real estate market was up by 39.1% (36 sales) on a year-over-year basis in September 2019
Residential activity in the St. John’s real estate market was up by 1.5% on a year-over-year basis in August 2019, while activity in the rest of the province rose by 12.5%.