Fredericton home supply hits 18-year low

Fredericton home inventory are at an 18-year low to start the year, down more than 17 per cent from the start of 2019. This could well be starting to limit how many homes can sell in a month.

The shortage of houses for sale have been causing delays in the plans of home buyers who have started searching for houses as early as January.

Overall supply has trended sharply lower since mid-2015 and now stands at the lowest level since 2002. Active residential listings numbered 705 units at the end of January, down 17.4 per cent from the end of January in 2019.

There were 239 new residential listings in January 2020. This was down 4.8 per cent (12 listings) on a year-over-year basis.

Residential sales recorded by the Real Estate Board of the Fredericton Area totaled 129 homes in January 2020. While this was down 7.2 per cent (10 sales) from the record month of January in 2019, it was still well above every other month of January in history except 2007.

The average price of homes sold in January 2020 was $179,695, up 4.6 per cent from January 2019.

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