Residential sales recorded by the Real Estate Board of the Fredericton Area Inc. were down from a year earlier in August 2017.
Residential property sales numbered 194 units in August, a decline of 7.6% from the same month last year. That said, it was above the five-year average for the month and slightly above the 10-year average as well.
Year-to-date residential property sales numbered 1,584 through the first eight months of 2017, up 6% from 2016 and an eight-year high for the period.
August 2017 sales priced from $150,000 to $250,000 edged down by one sale on a year-over-year basis, while sales in the range from $250,000 to $350,000 fell 32.4% (12 sales). The number of sales priced between $350,000 and $500,000 dropped by 50% (7 sales) and there were two fewer sales priced above $500,000.
The residential average price was $166,135 in August 2017, down 11.4% from August 2016. The less volatile year-to-date average price was $184,701, edging down just 0.8% from this time last year. The bigger picture on prices is that they have been more or less stable over the last six years.
New listings numbered 303 units in August 2017. This was a 17.4% decrease from a year earlier and the lowest August reading since 2003.
Overall supply has been trending downward over the last two years. There were 1,364 active residential listings on the Board�s MLS® System at the end of August, down 16.9% from levels recorded a year earlier.
There were seven months of inventory at the end of August 2017, down from 7.8 months at the end of August 2016 and below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The value of all residential sales activity in August 2017 was $32.2 million, falling 18.1% from year-ago levels.
Sales of all types of properties numbered 217 units in August, down 5.2% on a year-over-year basis. The combined value of all property sales totalled $34.2 million, falling 16.2% from August 2016.
House sales year-over-year jumped five per cent in the greater Fredericton area.
There were 1,776 houses that were sold from January to August 2017 compared to 1,693 houses over the same period last year. The total value of house sales for the first eight months of 2017 was $313.14 million.
However, the month of August was a little bit slow compared to the same month last year. There were 220 properties that changed hands, a drop of seven per cent compared to August 2016.
The average price of homes sold on a year-to-date basis was $195,985, edging up 0.5% from the same period in 2016.
May your months ahead be as colourful as the autumn leaves.
You might naturally assume that it is most important to talk to a Realtor when you’re selling or buying a home. But there are many other circumstances in which it makes sense to give me a call. Here are a few examples.
1. When you’re at the “thinking about it” stage
If you’re just thinking about selling your home, and haven’t made a firm decision yet, you might feel uncomfortable calling a Realtor. Don’t be. In fact, I welcome your call. We can discuss what your current property will likely sell for on today’s market, and determine the type of home you qualify to buy. That way, you’ll have some clarity and be able to make a more informed decision.
2. If you’re nervous about the selling process
If you haven’t sold a home before, you might be concerned about what’s involved in the process. You might even worry that putting your home on the market is going to be a lot of work and create a lot of turbulence for you and your family. Fortunately, selling your home doesn’t need to be scary. In fact, a big part of my job as a Realtor is to make the process as smooth and trouble-free as possible. So if you have concerns about selling your home, you should give me a call.
3. If you have questions
You likely have questions about the local real estate scene from time to time. You might have questions like: “How much did that home around the corner sell for?”; “Is now a good time to make a move, or should I wait until the market changes?”; and, “How much is my current home worth?” When you have questions like those, you don’t need to dig for answers on your own. You can give me a call. As an expert in the local market, I can give you the answers you need.