November sales up but year-to-date sales down 11.8%

In November 2023, the Real Estate Board of the Fredericton Area Inc. reported a robust total of 161 homes sold through the MLS® System, marking a significant 14.2% increase from the same month in 2022.

However, home sales fell below the five-year average by 9.4%, yet surpassed the 10-year average by 4.7% for the month of November. On a year-to-date basis, home sales for the first 11 months of 2023 amounted to 2,115 units, reflecting a decline of 11.8% compared to the same period in 2022.

Michele Morris, President of the Real Estate Board of the Fredericton Area Inc., commented on the market dynamics, noting, “In a noteworthy turn of events, sales managed to notch the third-highest total in history for this month.

Conversely, new listings have taken a bit of a dip from last year, falling below what we would typically expect around this time of year.”

Morris continued, “Subsequently, overall inventory dropped to the lowest monthly level since early 2023, slipping below the long-term averages. As a result, sellers continue to enjoy favorable conditions. The benchmark price is the real headliner here, continuing its ascent and now up almost 10% – hitting the highest level of the year so far. Our local market is well positioned as we navigate through the tail end of the year and into 2024.”

The MLS® Home Price Index (HPI) revealed a composite benchmark price of $292,500 in November 2023, showing a moderate gain of 6.4% compared to November 2022. The benchmark price for single-family homes reached $293,200, marking a 6.3% increase year-over-year, while the benchmark apartment price was $276,800, up by 8.2% from the previous year.

The average price of homes sold in November 2023 was $271,703, representing a decrease of 6.4% from November 2022. The year-to-date average price was $316,670, showing a modest gain of 2.9% from the first 11 months of 2022.

The dollar value of all home sales in November 2023 amounted to $43.7 million, indicating a substantial increase of 6.8% from the same month in 2022.