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Fredericton home sales surge 18% in January
Welcome to your monthly update on the Fredericton and Region real estate market! In January 2025, a total of 105 homes were sold, reflecting an 18% increase from January 2024. The market for new listings saw 178 properties added, representing a 21.1% rise compared to the previous year.
The average home price in January 2025 was $348,198, marking an 11.7% increase from January 2024. Meanwhile, the total dollar volume for the month reached $36,560,756, which represents a 31.8% increase from the same period last year.
What this means for buyers and sellers. For buyers, the increase in new listings provides more options, but rising prices may require careful budgeting. For sellers, the higher average prices and strong dollar volume indicate a solid market, making this an opportune time to sell.
In addition to keeping in touch with my e-newsletters, I also keep a close watch on the local real estate scene, so when you have questions, need advice, or are looking for opportunities, I’m ready to be there for you.
So, if you, or a friend, colleague, family member, or neighbour have any real estate-related questions or concerns, or need a contractor recommendation, I hope you will think of me.
Looking back at 2024
Looking back at 2024, a total of 2,330 homes were sold, up by 4.6% from 2023.
For December alone, the number of homes sold totaled 109 units, a gain of 13.5% from December 2023. This was a sales record for the month of December – which was 32.7% below the three-year activity and 25.3% above the 10-year activity for the month.
The prices of homes have gone up too. The year-to-date average price was $338,713, up by 7.5% from 2023. Just for the month of December, the average price of homes sold was $324,960, a gain of 17.3% from December 2023.
The year 2024 continued to be a seller’s market due to low house inventory. There were 365 active house listings at the end of December, which 7.4% higher compared to the inventory at the end of December 2023.
Houses have been selling fast, with months of inventory at 3.3 at the end of December 2023, down from the 3.5 months recorded at the end of December 2023.
If you have questions regarding your property or the market, please reach out to me. I’ll be happy to provide you with the latest real estate-related information, such as what buyers are looking for, how to increase your home’s value, or the current market value of your property.
September Sales Up 12.2%
In September, a total of 193 homes were sold in Fredericton and the surrounding region through the MLS® System, showing a 12.2% rise from the same month in 2023, as reported by the Canadian Real Estate Association.
The average home price in September reached $343,997, representing a 15.4% increase compared to September 2023.
For the first nine months of 2024, home sales in the Fredericton area totaled 1,848, reflecting a 3.3% uptick from the same period in 2023. The average sale price during this time was $342,324, up 6.6% year-over-year.
Home sales rise 2.2% in August
A recent report from the Real Estate Board of the Fredericton Area Inc. offers a detailed overview of the housing market’s performance in August 2024, highlighting key trends within the region.
In August 2024, a total of 230 homes were sold through the MLS® System, reflecting a 2.2% increase over the same period last year, signaling relatively stable market activity.
The report also noted a 2.5% decrease in new listings compared to the previous year, with 274 properties coming to market. The average home price, however, saw a modest increase of 3.5%, rising to $328,669 compared to August 2023.
Year-to-date data for the first eight months of 2024 indicates a 2.4% rise in total home sales, totaling 1,656 transactions. Total listings increased by 7.4%, reaching 2,349. Meanwhile, the average home price experienced a more substantial increase, climbing 5.8% year-over-year to $342,289.
Additionally, the total dollar volume for August 2024 reached an impressive $566,830,008, marking an 8.3% increase compared to the same month in 2023, setting a new record for August in terms of dollar value.
July sales up 2.3%
Home sales dip by 2.5% in June
In June, the Fredericton region saw a total of 276 home sales, reflecting a 2.5% decline from the same month last year. During this period, new listings rose by 3.7%, compared with a year ago, reaching a total of 338. The average home price however, experienced a slight dip, decreasing by 1.0% to $334,512 compared to June 2023.
Year-to-date figures for the first six months of 2024 reveal a 3.3% increase in total home sales, amounting to 1,193 transactions. Total listings rose by 6.8%, reaching 1,722. Meanwhile, the average home price saw a significant rise, climbing 4.8% from the previous year to $341,823.
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.
Sales dive by 15.2% in March as inventory remains low
I’m here with your latest real estate update. Sales took a dive by 15.2% this March compared to last year, painting a picture of a challenging market. Despite this drop, sellers still hold the upper hand due to persistently low inventory levels.
March saw a decrease in new listings, with only 275 hitting the market, marking a 6.8% decline from March 2023. The average price for a home in March settled at $339,613, with the median price nearly mirroring this at $335,000.
Zooming out to the broader scope of the first quarter, the trend continues downward. Total sales from January to March fell by 4.9% to 371, while new listings dipped by 2.1% to 616. The average price for the first three months clocked in at $322,302, with the median price closely trailing at $319,900.
Bidding wars have become a common occurrence in this competitive landscape as buyers grapple with limited options in the seller’s domain.
However, amidst the uncertainty, there is a glimmer of hope. The Bank of Canada has refrained from hiking its key overnight interest rate since July 2023, offering potential relief for mortgage holders. Speculation looms as the central bank eyes possible rate cuts later this year, contingent upon economic and inflationary trajectories aligning with their forecasts. It’s a waiting game, but there may be light at the end of the tunnel for those navigating the mortgage market. Stay tuned for further developments.
Fredericton home sales surge in February as average price dips slightly
In February, home sales in the Fredericton region reached 132, marking a 16.8% increase from February last year. New listings during the same period surged by 10.2%, totaling 194. However, the average price dipped slightly to $314,758, down 1.4% compared to February 2023.
Year-to-date figures or numbers for the first two months of 2024 reveal a 2.8% uptick in total home sales, reaching 218. Total listings rose by 2.1% to 341. Meanwhile, the average price saw a notable increase, reaching $310,842, up by 7.2% from the previous year.
Year 2023 Witnesses Sharp Decline in Home Sales, Prices Show Modest Increase
The year 2023 concluded with a notable decrease in home sales, totaling 2,211 units over the course of the year. This figure marks a significant downturn of 11.6% from the previous year, signaling a challenging market landscape.
Despite the decrease in sales volume, the more comprehensive annual average price of homes showed a modest gain. The average price for the entirety of 2023 settled at $314,988, reflecting a slight increase of 2.3% from the previous year.
As the year drew to a close, active residential listings numbered 320 units on the market by the end of December. This figure represents a decrease of 4.5%, equivalent to 15 listings, compared to December 2022. The scarcity in listings becomes even more pronounced when considering that active listings were 14.8% below the five-year average and a staggering 57.4% below the 10-year average for the month of December.
The combination of decreased sales volume and dwindling active listings poses challenges for both buyers and sellers navigating the real estate market.
Higher interest rates have played a crucial role in buyers’ affordability. For now the Bank of Canada has not increased the interest rate, but some economists are predicting a cut to interest rate in June 2024, but central bank’s governor, Tiff Macklem said that inflation was still high and that it was premature to discuss a cut to interest rates.
