The Fredericton real estate board says August home sales slowed from the frenzied pace seen earlier in the year, but market conditions have tightened as supply plummeted by 11.1 per cent and prices rose yet again.
August sales have gone down by 13.3 per cent compared to August last year. A total of 268 homes were sold in August. This number however is the third best level for this month on record.
Active residential listings numbered 594 units on the market at the end of August, a decline of 11.1 per cent from the end of August 2020. Active listings haven’t been this low in the month of August in more than two decades.
On a year-to-date basis, home sales totaled a record 2,273 units over the first eight months of the year. This was a sizable gain of 25.8 per cent from the same period in 2020.
The average price of homes sold in August 2021 was $253,714, increasing by 17.5 per cent from August 2020. The more comprehensive year-to-date average price was $256,959, advancing 22.3 per cent from the first eight months of 2020.
The supply of houses remains low. At the end of August, there was a total of 594 houses for sale, a decline of 11.1 per cent from the end of August 2020. Supply has not been this low in the month of August in more than two decades.
Active listings were 42.2 per cent below the five-year average and 58.7 per cent below the 10-year average for the month of August.