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Home sales down 23.8%
The number of homes sold through the MLS ® System of the Real Estate Board of the Fredericton Area Inc. totaled 115 units in February 2023, decreasing 23.8% from February 2022.
Home sales were 17.9% below the five-year average and 10.2% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 214 units over the first two months of the year, retreating 18.9% from the same period in 2022.
The overall MLS ® HPI composite benchmark price was $265,800 in February 2023, essentially unchanged, up just 0.9% compared to February 2022.
The benchmark price for single-family homes was $266,400, a slight gain of 0.6% on a year-over-year basis in February. By comparison, the benchmark apartment price rose 10.5% to $253,000, from year-ago levels.
The average price of homes sold in February 2023 was $311,369, advancing 5% from February 2022.
The more comprehensive year-to-date average price was $286,053, up by 4.4% from the first two months of 2022.
The number of new listings fell 10.6% from February 2022. There were 177 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in three decades.
Active residential listings numbered 348 units on the market at the end of February, a substantial gain of 61.1% from the end of February 2022.
January 2023 stats are here!
The real estate market has been wild in the last three years. But has the market shifted? We are just in the second month of 2023, and so far, statistics show at the end of January that the market balance was still in the sellers’ market territory.
Home sales were down by 13.3% in January. The total number of houses sold was 98, lower than January 2022 sales of 113.
There were 161 houses that were listed for sale in January, up 20.1% compared to the 134 houses that went up for sale in January last year.
But house prices continue to rise. The benchmark price $265,200 in January 2023, which shows an increase of $4.8% from $253,100 in January 2022.
Contact me anytime if you have any real-estate related questions.
2022 in Review: Sales Down, Prices Up
Home sales continue to decline in November
The housing market has cooled off in November with sales down by 36.8% compared to the same period last year. There was a total of 144 units sold in November compared to the 228 units sold in November 2021.
There were only 184 new listings added in November 2022, down 6.6% compared to the 197 listings in November 2021. The benchmark price of houses went up by 8.8% at $275,100.
In a low-inventory market, it’s the best time to sell your house.
Feel free to reach out anytime for any real estate questions.
Home sales down 24% in October
Home sales continue to wane in October. A total of 177 houses were sold – a 24% decline compared to the same month last year.
Home sales were 16.3% below the five-year average and 2.9% below the 10-year average for the month of October.
On a year-to-date basis, home sales also dipped. A total of 2,255 units were over the first 10 months of the year. This was a decrease of 20.2% from the same period in 2021.
But despite the decrease in sales, prices have gone up, and at the end of October 2022, the market balance was still in the sellers’ market territory.
The overall MLS® HPI composite benchmark price was $286,200 in October 2022, a gain of 15% compared to October 2021.
The average price of homes sold in October 2022 was $282,379, advancing 20.3% from October 2021.
The more comprehensive year-to-date average price was $308,941, up by 22% from the first 10 months of 2021.
The number of new listings or houses that came up for sale in October saw a moderate decline of 6.6% (15 listings) from October 2021. There were 212 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than two decades.
September home sales dropped but it’s still a sellers’ market
The number of houses sold in the Fredericton area was down 35.9% in September 2022. This was a significant decline from September 2021, yet it was still one of the top three totals for the month of September in history.
The number of new listings fell 12.2% from September 2021. There were 244 new residential listings in September 2022. This was the lowest number of new listings added in the month of September in two decades.
The overall benchmark price was $290,100 in September 2022, an increase of 18% compared
to September 2021.
Despite the dip in sales, the market continued to be in the sellers’ market territory at the end of September 2022.
August home sales down 9.8%
Home sales numbered 240 units in August 2022, down 9.8% compared to 266 units in August 2021.
There were 316 new listings added in August 2022, down 4% compared to the 329 listings added in the same month last year.
The benchmark price was $297,000 in August 2022, up 21.1% from $245,300 in August 2021.
And at the end of August, the market balance was still in the sellers’ market territory.
Give me a call. I’d be happy to arrange a visit and do an “Annual Checkup.” I can give you a good idea of what your home would likely sell for on today’s market – and help you determine the degree to which your home is fitting the lifestyle you want.
Reach out to me anytime.
Average home price up but home sales down 26% from July last year
The number of homes sold in Fredericton Area Inc. in July 2022 totaled 206 units, down by 26.4% from July 2021.
On a year-to-date basis, home sales totaled 1,632 units over the first seven months of the year. This was a notable decrease of 18.5% from the same period in 2021.
The benchmark price for single-family homes was $306,700, increasing by 25.1% on a year-over-year basis in July. By comparison, the benchmark apartment price was $284,600, up sharply by 36.5% from year-ago levels.
The average price of homes sold in July 2022 was $308,375, a gain of 23.6% from July 2021.
The more comprehensive year-to-date average price was $321,681, increasing by 25% from the first seven months of 2021.
Inventory however remain low, with the number of new listings down by 5.6% from July 2021. There were 354 new residential listings in July 2022. This was the lowest number of new listings added in the month of July in five years.
New listings were 3.5% below the five-year average and 9.4% below the 10-year average for the month of July.
Active residential listings numbered 590 units on the market at the end of July, a minor decrease of 1.7% (10 listings) from the end of July 2021. Active listings haven’t been this low in the month of July in more than two decades.
Active listings were 34.6% below the five-year average and 57.7% below the 10-year average for the month of July.
Despite the dip in sales, the market balance was still in the sellers’ market territory at the end of July.
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.
