The average new single-detached house price increased in all submarkets during the fourth quarter. The average new house price for the St. John's CMA was $387,439 compared to $351,305 in 2011, up ten per cent. The average sale price for St. John's city was $424,374, up 17 per cent - the largest increase across all submarkets. CBS posted an average new house price of $334,466 during the quarter, up 11 per cent. Paradise recorded a two per cent gain in average price to $376,958 - the lowest price growth across all submarkets. Driven by large custom homes, Torbay posted the highest price of $425,619, up six per cent. Average price in the remainder of the CMA increased five per cent to $374,448.
Throughout the entire St. John's CMA, approximately 80 per cent of all new single-detached homes sold for more than $300,000 during the fourth quarter, with approximately 55 per cent selling for over $350,000. The fastest growing segment of the market was the $400,000 plus segment, which increased to 35 per cent of total new home sales versus 26 per cent in 2011.
Existing Home Market Mixed
Higher inventory levels contributed to a mix existing home market during the fourth quarter. Home buyers had an increased supply of homes to choose from, with inventory levels 14 per cent above 2011's fourth quarter. However, active listings remained on the market for an average of 54 days compared to 72 days during the fourth quarter of 2011, with offers at approximately 98 per cent of list price versus 97 per cent the year before. For the St. John's area, there were 1,435 new residential listings compared to 1,288 during the same period in 2011. Active listings averaged 1,887 a month versus a similar 1,656 during the fourth quarter of 2011.
Despite higher inventory , the average MLS price in the St. John's CMA reached a high of $296,855 compared to $275,488 during the fourth quarter of 2011. The average price continued to be supported by favourable economic and demographic conditions, as well as continued demand for larger and higher priced homes.