Average home price up but home sales down 26% from July last year

The number of homes sold in Fredericton Area Inc. in July 2022 totaled 206 units, down by 26.4% from July 2021.

On a year-to-date basis, home sales totaled 1,632 units over the first seven months of the year. This was a notable decrease of 18.5% from the same period in 2021.

The benchmark price for single-family homes was $306,700, increasing by 25.1% on a year-over-year basis in July. By comparison, the benchmark apartment price was $284,600, up sharply by 36.5% from year-ago levels.

The average price of homes sold in July 2022 was $308,375, a gain of 23.6% from July 2021.

The more comprehensive year-to-date average price was $321,681, increasing by 25% from the first seven months of 2021.

Inventory however remain low, with the number of new listings down by 5.6% from July 2021. There were 354 new residential listings in July 2022. This was the lowest number of new listings added in the month of July in five years.

New listings were 3.5% below the five-year average and 9.4% below the 10-year average for the month of July.

Active residential listings numbered 590 units on the market at the end of July, a minor decrease of 1.7% (10 listings) from the end of July 2021. Active listings haven’t been this low in the month of July in more than two decades.

Active listings were 34.6% below the five-year average and 57.7% below the 10-year average for the month of July.

Despite the dip in sales, the market balance was still in the sellers’ market territory at the end of July.