In October 2023, the Real Estate Board of the Fredericton Area Inc. reported a total of 184 homes sold through the MLS® System, marking a modest 2.2% increase (four sales) from the same month in 2022.
However, home sales fell below the five-year average by 12.8% and were 1.8% below the 10-year average for October. On a year-to-date basis, home sales for the first ten months of 2023 amounted to 1,954 units, reflecting a substantial decline of 13.4% compared to the same period in 2022.
Michele Morris, President of the Real Estate Board of the Fredericton Area Inc., noted, “Sales have seen a slight uptick from the previous year, but we’re still below our usual long-term averages. New listings have remained steady, aligning with typical seasonal patterns. Notably, overall inventory has decreased from the previous year, falling below the expected levels for this season.”
Regarding prices, there has been a year-over-year increase across all housing types, with apartments leading the way with a solid 5% boost. The market continues to favor sellers, although a gradual move toward a more balanced state has been observed in recent months.
The MLS® Home Price Index (HPI) revealed a composite benchmark price of $290,500 in October 2023, reflecting a modest gain of 1.6% compared to the same month in 2022. The benchmark price for single-family homes reached $290,900, a 1.4% increase year-over-year, while apartments saw a more substantial uptick at $280,700, up by 5.2%.
The average price of homes sold in October 2023 was $314,533, marking an 11.7% increase from October 2022. The year-to-date average price was $320,378, showing a modest rise of 3.8% over the first ten months of 2022.
The total dollar value of home sales in October 2023 reached $57.9 million, a significant uptick of 14.2% compared to the same month in 2022, setting a new record for October.
New listings surged by 20.9% from October 2022, totaling 255 new residential listings in October 2023. Although new listings were 5.8% above the five-year average, they fell 5.3% below the 10-year average for October.
As of the end of October 2023, active residential listings numbered 479 units, a 3.4% decrease from the end of October 2022. Active listings were 17.4% below the five-year average and a significant 53.5% below the 10-year average for October.
The months of inventory stood at 2.6 at the end of October 2023, down from 2.8 recorded at the end of October 2022 and below the long-run average of 6 months for this time of year. Months of inventory represent the number of months it would take to sell current inventories at the current rate of sales activity.