Fredericton home supply hits 18-year low

Fredericton home inventory are at an 18-year low to start the year, down more than 17 per cent from the start of 2019. This could well be starting to limit how many homes can sell in a month.

The shortage of houses for sale have been causing delays in the plans of home buyers who have started searching for houses as early as January.

Overall supply has trended sharply lower since mid-2015 and now stands at the lowest level since 2002. Active residential listings numbered 705 units at the end of January, down 17.4 per cent from the end of January in 2019.

There were 239 new residential listings in January 2020. This was down 4.8 per cent (12 listings) on a year-over-year basis.

Residential sales recorded by the Real Estate Board of the Fredericton Area totaled 129 homes in January 2020. While this was down 7.2 per cent (10 sales) from the record month of January in 2019, it was still well above every other month of January in history except 2007.

The average price of homes sold in January 2020 was $179,695, up 4.6 per cent from January 2019.

Fredericton Real Estate Year 2019

The year 2019 was a very busy year in the Fredericton area real estate market. The past year had the second highest sales on record.

Home sales totalled 2,461 units in 2019. This was an increase of 12.7 per cent from 2018 and was the second highest annual level on record after 2007. Fredericton home sales missed the 2007 record by just 16 sales.

The annual average price for 2019 was $187,808, up 2.7 per cent from 2018.

There is a low supply of houses for sale, causing delay in the purchasing plans of buyers.

There were 100 new residential listings in December 2019, a decrease of 18 per cent on a year-over-year basis and the lowest level for this month in more than 15 years.

Overall supply of houses has generally trended lower since mid-2015 and now stands at the lowest level since 2002. Active residential listings numbered 656 units at the end of December, down 23.2 per cent from the end of December in 2018.

Generally, houses have been selling faster. Months of inventory numbered 6.8 at the end of December 2019, down from the 10.3 months recorded at the end of December 2018 and below the 10-year average of 11.5 months for the end of the 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.

Home sales up by 13.8%

The first 10 months of 2019 have been very busy with home sales totalling 2,208 – an increase of 13.8 per cent from 2018 and was the second highest level of sales for this time of the year on record.

Records from the Real Estate Board of the Fredericton Area also show that for the month of October, sales totalled 215 homes, up 13.8 per cent from October 2018 and was a new sales record for the month of October.

With only two months left to go this year, 2019 is trailing the record year of 2007 by just 16 transactions.

The year-to-date average price was $189,488, up 2.6 per cent from the first 10 months of 2018.

Overall supply of houses has generally trended lower since mid-2015 and now stands at the lowest level in 15 years. Active residential listings numbered 954 at the end of October, a decrease of 18.7 per cent from the end of October 2018.

On the average, homes have been selling faster this year so far. Months of inventory numbered just 4.4 at the end of October 2019, down from the 6.2 months recorded at the end of October 2018 and less than half the 10-year average of 9.2 months for the end of the 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.

2019 in the running to be a record year; sales up 13.3%

Fredericton area home sales for the first nine months of 2019 totalled 1,985 units, up 13.3 per cent from 2018. With three months left to go this year, 2019 remains in the running to be a record year, trailing 2007 by just 2.2 per cent.

Year-to-date average price was $189,630, edging up 1.1 per cent from the first nine months of 2018.

The Real Estate Board of the Fredericton Area said that for September, 183 homes were sold in the Fredericton area. This was an increase of 17.3 per cent from September 2018 and was a new record for activity in that month.

The average price of homes sold in September 2019 was $168,995, down 6.3 per cent from September 2018.

There were 306 new residential listings in September 2019, up 4.8 per cent (14 listings) on a year-over-year basis.

By contrast, overall supply has generally trended lower since mid-2015 and now stands at the lowest level in 15 years. Active residential listings numbered 1,125 units at the end of September, a decrease of 14.3 per cent from the end of September in 2018.

Homes have also been selling faster in the first nine months of the year compared to the same period last year. Months of inventory numbered 6.1 at the end of September 2019, down from the 8.4 months recorded at the end of September 2018 and below the 10-year average of 9.6 months for the end of the year.

Below is a snapshot of what happened in the Fredericton market in the first seven months of the year.

Fredericton home sales post second-best July on record

Residential sales recorded by the Real Estate Board of the Fredericton Area Inc. totaled 276 units in July 2019. While this was a decrease of 19.3% from the monthly record set in July 2018, it was still the second-best month of July ever in the region.

On a year-to-date basis, home sales totaled 1,565 units over the first seven months of the year, an increase of 18.7% from 2018. 2019 is currently trailing only 2007, and not by much, putting it in the running to be a record year for sales activity.

The average price of homes sold in July 2019 was $186,424, down 5.6% from July 2018.

The more comprehensive year-to-date average price was $192,222, up 1.9% from the first seven months of 2018.

September is typically a busy month for homeowners.

Kids go back to school. Work increases at many businesses as the fourth quarter looms. Major home renovation projects are in the midst of wrapping up, and smaller projects may be about to start!

If there’s anything I can do to help with questions, contractor referrals, advice, or information related to real estate, give me a call.

In fact, that’s the reason I stay in touch with you on a regular basis. I want to continually remind you that my services don’t end once I’ve helped you buy or sell a home. In the months and years in between transactions, I’m dedicated to helping you enjoy your home and understand your real estate options.

So, if you need help or advice, get in touch with me. That’s why I’m here!

Fredericton home sales moderate to more average levels in June

Fredericton home sales moderate to more average levels in June

Residential sales recorded by the Real Estate Board of the Fredericton Area Inc. totaled 286 units in June 2018. This was down 9.5% from June 2017 and was almost exactly in line with both the five and 10-year averages for the month.

On a year-to-date basis, home sales totalled 920 units over the first six months of the year. This was down 5.8% from the same period in 2017.

The average price of homes sold in June 2018 was $203,109, rising 11.8% from June 2017.

The more comprehensive year-to-date average price was $179,830, up 4.3% from the first six months of 2017.

There were 378 new residential listings in June 2018. This was down 8% on a year-over-year basis.

Overall supply has trended lower since mid-2015. Active residential listings numbered 1,749 units at the end of June. This was down 5.9% from the end of June 2017 and marked the lowest level for this time of the year since 2005.

Months of inventory numbered 6.1 at the end of June 2018, little changed from the 5.9 months recorded at the end of June 2017 and below the 10-year average of 7.3 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.

The dollar value of all home sales in June 2018 was $58.1 million, edging up 1.2% from the same month in 2017. This was new record for the month of June.

Sales of all property types numbered 308 units in June 2018, down 8.9% from June 2017. The total value of all properties sold was $60 million, edging up 2% from June 2017.

Fewer houses sold from January to May

How often do doctors recommend you get a checkup? Usually, once a year. How regularly do advisors suggest you review your investments? Most say at least annually. So how often should you review your home with your real estate agent? You guessed it! Once a year! Why is that review so important? First, your home is a big investment; possibly your biggest. So, it’s smart to get updated on its current market value.

From January to May 2018 , the average sale price was $169,528, up three per cent compared to same period last year. For the same period, there were 697 houses sold, down 6.8 per cent from January to May 2017.

In May alone , the average price was $169,554 and the total volume of houses sold was $33.2 million. These figures were both down 2.4 per cent compared to same month last year.

In addition to being an investment, your home is also a part of your lifestyle. It’s important to review it each year to see if it’s still a good fit for your changing needs.

As your real estate agent, I’d be happy to stop by at your convenience and do an “Annual Real Estate Checkup”. I’ll let you know, approximately, what your property is worth on today’s market, and we can discuss the latest market trends.

Average Sales Price Up

Do you remember the last time you were at a really long buffet table? There were probably so many delicious dishes to choose from that you didn’t know where to start. Yet, you had to make quick decisions because the line was moving so fast!

That buffet table is a bit like today’s real estate market. Although you may not be thinking of moving right now, when the time comes, you’re going to find that you have a lot of options available. That means making the right decisions may be difficult.

Knowledge of what’s happening in the market is an important component in your decision-making process. So, here’s some market information for you: from January to April, there were 427 houses that were sold, down 7.7 per cent compared to same period last year. The average price for the first four months was $171,159, up five per cent compared to same period in 2017.

I want you to know that I can help.

In fact, I recommend that you learn about – and understand – all your home selling and buying options now, even if you have no plans to move in the near future. That way, if an opportunity arises and you need to put your property on the market quickly, you’ll be prepared to make the best decisions.

I’d be happy to fill you in. Give me a call.

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