April house sales up 24.4%

Here are the latest updates on the real estate market in the Fredericton area. House sales in April reached a total of 265, marking a significant 24.4 percent increase compared to April of last year. New listings also saw a substantial rise, with 346 recorded—an impressive 25.8 percent jump from the same month in 2023.

The average price of homes sold in April was $355,295, an 8.0 percent increase from April 2023. The median price followed suit, reaching $350,000, up 7.2 percent from the previous year. Notably, April continued to witness homes selling above the asking price, with an average sale-to-list price ratio of 101.8 percent.

From January to April 2024, a total of 636 homes changed hands, reflecting a 5.5 percent increase compared to the same period last year. The year-to-date average price stood at $337,425, a 7.1 percent rise from the same timeframe in 2023. New listings for the first four months of 2024 totaled 960, up 6.2 percent from the previous year.

As bidding wars continue to intensify, both buyers and sellers should stay informed about the upcoming Bank of Canada announcement on June 5, 2024, when the next overnight rate target and the economic outlook will be published. Stay tuned for further updates on this developing story.