Facebook
Twitter
Pinterest
Copy Link
More houses listed in June but total sales dropped compared to last year
Home sales in the Fredericton area dropped during the first six months of 2022 compared to the same period last year. The month of June also saw a 10.8 per cent decline.
The Real Estate Board of the Fredericton Area said that on a year-to-date basis, home sales totaled 1,432 units over the first six months of the year. This was a significant decrease of 16.8% from the same period in 2021.
Prices of homes also went up this year.
January to June 2022 average price was $324,021, an increase of 25.2% from the first six months of 2021.
The overall MLS® HPI composite benchmark price was $303,900 in June 2022, an increase of 24.6% compared to June 2021.
However, there was an increase in the number of homes for sale in the month of June – up at 9.1 per cent from June last year. This was the largest number of new listings added in the month of June in more than five years.
But overall inventory is still low as demand for houses continue to be red hot.
Active residential listings numbered 491 units on the market at the end of June, a sharp decrease of 10.7% from the end of June 2021. Active listings haven’t been this low in the month of June in more than two decades.
Active listings were 46.7% below the five-year average and 65.1% below the 10-year average for the month of June.
Average prices up but first five months sales dipped compared to last year
Home sales were strong in May at 8% above the five-year average and 9.3% above the 10-year average, but total sales for first five months of 2022 were lower by 18% compared to the same period last year.
The total houses sold at 309 units in May was also lower by 13.9% compared to May 2021.
On a year-to-date basis, or from January to May, home sales totaled 1,124 units over the first five months of the year, declining 18% from the same period in 2021.
However, the average price of homes sold jumped significantly in May at $341,224. It was 31.3% higher from May 2021.
The more comprehensive year-to-date average price was $327,860, up by 27.5% from the first five months of 2021.
Inventory continues to drop. The number of new listings fell by 8.1% from May 2021. There were 388 new residential listings in May 2022. New listings were 12.2% below the five-year average and 21.6% below the 10-year average for the month of May.
Active listings were 58% below the five-year average and 72.7% below the 10-year average for the month of May.
Mortgage interest rates have gone up in June at more than 5% for fixed rates, and it will be interesting to watch how the housing market will react. So far, houses have still been selling at over asking price with a few exceptions.
But let us brace for what the Bank of Canada will announce on July 13th regarding new interest rates.
April home sales down compared to last year as inventory continues to slide down
There were 293 homes sold in April 2022 – 19.5% above the five-year average and 33.4% above the 10-year average for the month of April.
Although this was a sharp decrease of 22.1% from the monthly high for April last year, it was still the second highest total for the month ever.
On a year-to-date basis, home sales totaled 815 units over the first four months of the year. Again, this was down sharply by 19.5% from the same period in 2021 but the second highest total in history.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $292,300 in April 2022, up significantly by 30.5% compared to April 2021.
The benchmark price for single-family homes was $294,400, notable gain of 30.6% on a year-over-year basis in April. By comparison, the benchmark apartment price was $244,400, up by virtually the same percentage of 30.5% from year-ago levels.
The average price of homes sold in April 2022 was $342,310, an increase of 28.8% from April 2021.
The more comprehensive year-to-date average price was $322,744, up 26% from the first four months of 2021.
The dollar value of all home sales in April 2022 was $100.3 million, edging up 0.4% from the same month in 2021. This was a new record for the month of April and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a sharp decrease of 18.7% from April 2021. There were 365 new residential listings in April 2022.
New listings were 7.6% below the five-year average and 21.3% below the 10-year average for the month of April.
Active residential listings numbered 334 units on the market at the end of April, down sharply by 34.5% from the end of April 2021. Active listings haven’t been this low in the month of April in more than two decades.
Active listings were 59.8% below the five-year average and 74.5% below the 10-year average for the month of April.
Fredericton home sales post second highest March totals on record
Home sales were 20.5% above the five-year average and 40.3% above the 10-year
average for the month of March.
The average price of homes sold in March 2022 was a record $350,655, up by
24.8% from March 2021.
The number of new listings fell by 17.2% from March 2021. There were 365 new
residential listings in March 2022.
New listings were 1.8% below the five-year average and 14% below the 10-year
average for the month of March.
Active residential listings numbered 285 units on the market at the end of March, a
sharp decrease of 41.1% from the end of March 2021. Active listings haven’t been
this low in the month of March in more than two decades.
Active listings were 62.3% below the five-year average and 75.9% below the 10-
year average for the month of March.
Months of inventory numbered 1.1 at the end of March 2022, down from the 1.5
months recorded at the end of March 2021 and below the long-run average of 7.6
months for this time of year. The number of months of inventory is the number of
months it would take to sell current inventories at the current rate of sales activity.
Homes sales above average in February as supply hovers slightly above the lowest level in history
Homes sales above average in February as supply hovers slightly above the lowest level in history
The number of homes sold through the MLS ® System of the Real Estate Board of the Fredericton Area Inc. totaled 152 units in February 2022. This was a decrease of 16.5% from February 2021.
Home sales were 9.7% above the five-year average and 17.3% above the 10-year average for the month of February. On a year-to-date basis, home sales totaled 265 units over the first two months of the year declining 16.7% from the same period in 2021.
The MLS ® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS ® HPI composite
benchmark price was $262,300 in February 2022, a gain of 26.5% compared to February 2021.The benchmark price for single-family homes was $264,300, advanced 26.6% on a year-over-year basis in February. By comparison, the benchmark apartment price was $219,000, a notable gain of 25.6% from year-ago levels.
The average price of homes sold in February 2022 was a record $295,309, a significant gain of 31.1% from February 2021. The more comprehensive year-to-date average price was $273,387, rising 24.2% from the first two months of 2021.
The dollar value of all home sales in February 2022 was $44.9 million, up by 9.5% from the same month in 2021. This was a new record for the month of February. The number of new listings decreased by 17.2% from February 2021. There were 197 new residential listings in February 2022. This was the lowest number of new listings added in the month of February in more than 15 years.
New listings were 16.9% below the five-year average and 31.4% below the 10-year average for the month of February. Active residential listings numbered 209 units on the market at the end of February, a big decline of 48.6% from the end of February 2021. Active listings haven’t been this low in the month of February in more than two decades.
Fredericton housing market starts off 2022 with record low housing inventory
Fredericton continues to suffer from low supply of houses as the number of new listings dropped by 15.7% compared to January 2021. There were 134 new residential listings in January 2022.
This was the lowest number of new listings added in the month of January in 35 years, according to The Real Estate Board of the Fredericton Area.
New listings were 37.4% below the five-year average and 52.6% below the 10-year average for the month of January.
The number of homes sold totaled 108 units in January 2022. This was a sharp decrease of 20.6% from January 2021.
Home sales were 9.8% below the five-year average and 1.2% above the 10-year average for the month of January.
The benchmark price for single-family homes was $251,400, increasing by 23.6% on a year-over-year basis in January
The dollar value of all home sales in January 2022 was $25.8 million, a substantial decline of 10.8% from the same month in 2021.
Active residential listings numbered 194 units on the market at the end of January, down sharply by 47.7% from the end of January 2021. Active listings haven’t been this low in the month of January in more than two decades.
Active listings were 68.6% below the five-year average and 80.2% below the 10-year average for the month of January.
2021 home sales shatter previous year’s record by a wide margin
The COVID-19 pandemic did not slow down the housing market in 2021. In fact, home sales have shattered the previous year’s record by a wide margin.
In 2021, a total of 3,219 homes were sold, up by 20.5% from 2020.
For December alone, the number of homes sold totaled 164 units, a gain of 13.9% from December 2020. This was a new sales record for the month of December – which was 39.5% above the five-year average and 55.2% above the 10-year average for the month.
The prices of homes have gone up too. The annual average price was $254,154, up by 22.9% from 2020. Just for the month of December, the average price of homes sold was $266,164, a notable gain of 29.6 from December 2020.
The year 2021 continued to be a seller’s market due to low house inventory. There were 194 active house listings at the end of December, which dropped 48.7% compared to the inventory at the end of December 2020. Active listings haven’t been this low in the month of December in more than two decades.
Houses have been selling fast, with months of inventory at 1.2 at the end of December 2021, down from the 2.6 months recorded at the end of December 2020 and below the long-run average of 9.7 months for December.
Judging by the market activities last year and towards the end of 2021, I think that in 2022, we can still expect a hot market in the Fredericton area.
