Home sales in the Fredericton area dropped during the first six months of 2022 compared to the same period last year. The month of June also saw a 10.8 per cent decline.
The Real Estate Board of the Fredericton Area said that on a year-to-date basis, home sales totaled 1,432 units over the first six months of the year. This was a significant decrease of 16.8% from the same period in 2021.
Prices of homes also went up this year.
January to June 2022 average price was $324,021, an increase of 25.2% from the first six months of 2021.
The overall MLS® HPI composite benchmark price was $303,900 in June 2022, an increase of 24.6% compared to June 2021.
However, there was an increase in the number of homes for sale in the month of June – up at 9.1 per cent from June last year. This was the largest number of new listings added in the month of June in more than five years.
But overall inventory is still low as demand for houses continue to be red hot.
Active residential listings numbered 491 units on the market at the end of June, a sharp decrease of 10.7% from the end of June 2021. Active listings haven’t been this low in the month of June in more than two decades.
Active listings were 46.7% below the five-year average and 65.1% below the 10-year average for the month of June.