Monthly NewsletterNewsletter 2023October 2023 October 10, 2023

Fredericton home sales down nearly 20% year over year

In September 2023, the Real Estate Board of the Fredericton Area reported a total of 171 homes sold through the MLS® System, marking a 19% decline compared to September 2022.

These figures indicated that home sales were notably below both the five-year and ten-year averages for September, registering at 27% and 14% below, respectively.

On a year-to-date basis, the accumulated home sales for the first nine months of 2023 reached 1,769 units, marking a substantial drop of 14.8% when compared to the same period in 2022.

To provide a more accurate reflection of price trends, the MLS® Home Price Index (HPI) was utilized, revealing an overall composite benchmark price of $288,000 in September 2023. This figure demonstrated minimal change, with only a 0.6% decrease compared to September 2022.

The benchmark price for single-family homes was nearly unchanged at $288,200, experiencing a minor decrease of 0.8% year-over-year in September. In contrast, the benchmark price for apartments rose to $282,900, indicating a 4.9% increase from the previous year.

The average price of homes sold in September 2023 stood at $298,466, reflecting a notable 11.8% increase when compared to September 2022. On a year-to-date basis, the average price was $321,032, showing a modest gain of 3.2% from the first nine months of 2022.