The first 10 months of 2019 have been very busy with home sales totalling 2,208 – an increase of 13.8 per cent from 2018 and was the second highest level of sales for this time of the year on record.
Records from the Real Estate Board of the Fredericton Area also show that for the month of October, sales totalled 215 homes, up 13.8 per cent from October 2018 and was a new sales record for the month of October.
With only two months left to go this year, 2019 is trailing the record year of 2007 by just 16 transactions.
The year-to-date average price was $189,488, up 2.6 per cent from the first 10 months of 2018.
Overall supply of houses has generally trended lower since mid-2015 and now stands at the lowest level in 15 years. Active residential listings numbered 954 at the end of October, a decrease of 18.7 per cent from the end of October 2018.
On the average, homes have been selling faster this year so far. Months of inventory numbered just 4.4 at the end of October 2019, down from the 6.2 months recorded at the end of October 2018 and less than half the 10-year average of 9.2 months for the end of the 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.