Fraser Winters

Total # of Listings [Jan] = 583 (Down 32% from January 2007)

Total # of Sales [Jan] = 266 (Up 53% from January 2007)

Number of Active Listings in the NLAR MLS System = 1902

Average Sale Price year to date = $170,552

Inventory is down again this month. With lots of buyers and lack of inventory, we are seeing most properties listed in St. John's receiving multiple offers. CMHC might be classifying our market as balanced in their Newfoundland MLS Trends Report for the 4th Quarter, but we are clearly heading into a sellers market for the early part of 2008.

Here is a break down by area for the month of January for single family homes

St. John's Real Estate: Listings = 76 Sales = 112 Sales/Listings Ratio = 68%

Average Sale Price: $185,886

Mount Pearl Real Estate: Listings = 18 Sales = 14 Sales/Listings Ratio = 78%

Average Sale Price: $173,200

Paradise Real Estate: Listings = 29 Sales = 15 Sales/Listings Ratio = 52%

Average Sale Price: $207,931

East Extern Real Estate: Listings = 21 Sales = 13 Sales/Listings Ratio = 62%

Average Sale Price: $177,123

Conception Bay Real Estate: Listings = 37 Sales = 15 Sales/Listings Ratio = 41%

Average Sale Price: $159,280

St. John's economy is growing quickly, and the city has been identified as having one of the highest proportion of scientists and engineers per capita of any city under one million population in North America. Economic forecasts suggest that the city will continue its strong economic growth in the coming years not only in the "oceanic" industries related to offshore oil,but also in tourism and new home construction as the population continues to grow.

This growth in St. John's and its surrounding suburban municipalities, particularly Paradise (+31%), Flatrock (+7%), Torbay (+15%), Conception Bay South (+11%) and Portugal Cove-St. Philip's (+12%) St. John's metro area: +5% population; The rest of the province: -1.5% population). Many feel that the growth in St. John's has not particularly spread to the rest of the Province.