The MLS Sales Activity Report for the Eastern Region of Newfoundland and Labrador is out and, drum roll please, looks like first quarter residential sales are up over the same time last year.  Exhale. 

Fortunately for buyers but unfortunately for sellers the market has remained flat during the quarter will little to no increase in prices of average residential housing.  The market is firmly in Buyers hands with price growth to be minimal through the remainder of the year.  Good for some, not good for everyone.

So they've said it - its a Buyers Market with a sustained increase in listings.  Translated that is one in eight homes have sold this quarter with longer days on the market and flat growth for 2007.  The good news is the supply of active listings especially from builders and contractors and the resale market appears to be slowing down.  The mortgage rate increases have slowed to a halt and looks like that will hold till mid-summer. 

Perhaps the market will balance itself out within the next few months, only time will tell.  If you would like more information about our current marketplace visit http://www.cmhc.ca/housingmarketinfo/. 

www.MyNewfoundlandHome.com

 

 

 

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Denise Brophy ABR ePRO CERC

St Johns, NL

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Re/Max Realty Specialists

Address: 40 Aberdeen Avenue,, St. John's, NL, A1A 5T3

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