Sales in N.L.’s tight housing market are soaring, thanks to cash-flush newcomers: agent [Video]

There’s stiff competition among prospective home buyers in the St. John’s region because the number of listings are unusually low and demand is surging.

One real estate agent said deep-pocketed buyers from outside the province are primarily to blame for inventory levels that are the lowest he’s ever seen.

“The market is very robust, inventory is low and you’re going to need to compete for the most part,” said Jerry Boyles, an agent with Royal LePage Property Consultants.

• N.L. needs to build 60,000 extra new homes in 6 years. Industry experts aren’t sure it can be done

Here’s an extreme case: a house in the city’s east end recently went on the market for $309,000, and it attracted 28 bids. It eventually sold for more than $60,000 over the list price.

Properties with two self-contained dwelling units known as two-apartments are especially sought after.

Over the last six months, nearly …