Real estate market continues to soar, year-to-date sales up 71% from last year

Fredericton continues to be a white-hot real estate market as home sales totaled 1,369 from January to May, 2021, up sharply by 71.6% from the same period in 2020.

For the month of May alone, a total of 352 homes were sold. This was a substantial increase of 66% from May 2020 and was a new sales record for the month of May, according to the the Real Estate Board of the Fredericton Area. The big increase compared to May 2020 can be attributed to the fact that sales were low in May last year because the market was just starting to rebound after the COVID-19 restrictions.

The average price of homes sold in May 2021 was $261,137, increasing by 21.3% from May 2020. The year-to-date average price was $257,998, a gain of 27.3% from the first five months of 2020.

Homes for sale numbered 560 at the end of May, declining 29.6% from the end of May 2020. The number of homes for sale has not been this low in the month of May in more than two decades.

With the market still very much in favour of the sellers, it is important for buyers to have perseverance, patience, and a winning attitude. Bidding higher, acting fast, and streamlining your offer can help you win a bidding war.

Fredericton Real Estate Continues Its Wild Ride in March 2021

The number of homes sold in March 2021 in the Fredericton area went up 75.4% compared to the same period last year, according to the Real Estate Board of the Fredericton Area.

A total of 314 homes changed hands – a new sales record for the month of March.

On a year-to-date basis, home sales totaled a record 634 units over the first three months of the year. This was a gain of 43.1% from the same period in 2020. The average price of homes sold in March 2021 was a record $282,068, advancing 36.3% from March 2020.

Below is my YouTube video on the market update for March as well as some information about the migration of people from Ontario to Fredericton last year.

Home supply hits a record low in more than 25 years

The number of homes sold in Fredericton Area Inc. totaled 132 units in January 2021. This edged up 2.3% (three sales) from January 2020.

While there was a slight increase in sales year over year, the market continues to suffer from low supply of homes. Active residential listings numbered 369 units at the end of January, declining 47.6% from the end of January last year. Active listings haven’t been this low in the month of January in more than two decades.

As well, there were 158 new residential listings in January – a large decline of 33.6% from the end of January 2020. This was the lowest number of new listings added in the month of January in more than 25 years.

The average price of homes sold in January 2021 was $215,723, rising 20.9% from January 2020.

The value of all home sales in January 2021 was $28.5 million, a gain of 23.7% from the same month last year. This was a new record for the month.

Homes have been selling fast, with months of inventory numbered at 2.8 at the end of January, down from the 5.5 months recorded at the end of January 2020 and below the long-run average of 11.2 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.

Happy family day! Enjoy your time with your loved ones!

2020 a record-breaking year for Fredericton housing market

It’s official: 2020 was a record-breaking year for the Fredericton real estate market.

The pandemic was not able to cool off the hot market.

According to the numbers released by the Fredericton real estate board, 2,660 homes were sold in Fredericton last year, up 7.9% from 2019. This was the first time in history of the Fredericton market that it surpassed 2,500 sales.

The average price was $207,252 up 10.3% from last year.

And at the end of December, there were only 380 homes for sale, a large decline of 42.2% from December 2019. This is the lowest inventory at the end of December in more than two decades.

So, this is a good time to sell your home. And for buyers there is also good news for you – mortgage interest rates are at a record low as well.

Housing Market Update

The real estate market continues to be hot in favour of the sellers. At the end of October 2020, the market balance was in the sellers’ market territory. Home sales numbered 225 units in October 2020, up 1.4 per cent compared to October 2019.

The average price of homes sold in October was $196,511, up 5.3 per cent from $186,585 in October 2019. The good news is that homes for sale went up by 10.4 per cent. There were 265 new listings added in October this year.

Are you planning to sell your home?

Now is the perfect time to sell your home!

Feel free to call me anytime if you need more information.

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