The Fredericton real estate board says August home sales slowed from the frenzied pace seen earlier in the year, but market conditions have tightened as supply plummeted by 11.1 per cent and prices rose yet again.
August sales have gone down by 13.3 per cent compared to August last year. A total of 268 homes were sold in August. This number however is the third best level for this month on record.
Active residential listings numbered 594 units on the market at the end of August, a decline of 11.1 per cent from the end of August 2020. Active listings haven’t been this low in the month of August in more than two decades.
On a year-to-date basis, home sales totaled a record 2,273 units over the first eight months of the year. This was a sizable gain of 25.8 per cent from the same period in 2020.
The average price of homes sold in August 2021 was $253,714, increasing by 17.5 per cent from August 2020. The more comprehensive year-to-date average price was $256,959, advancing 22.3 per cent from the first eight months of 2020.
The supply of houses remains low. At the end of August, there was a total of 594 houses for sale, a decline of 11.1 per cent from the end of August 2020. Supply has not been this low in the month of August in more than two decades.
Active listings were 42.2 per cent below the five-year average and 58.7 per cent below the 10-year average for the month of August.
After a torrid pace, house sales in the Fredericton area cooled off in July, with sales decreasing sharply by 12.5 per cent compared to July last year. The number of homes sold totaled 279 units in July 2021 – 4.1 per cent below the five-year average.
While July sales have slowed down, overall sales from January to July were significantly up by 34.1 per cent from the same period in 2020. A total of 2,009 homes changed ownership during this period.
The average price of homes sold in July 2021 was $248,723, an increase of 15.1 per cent from July 2020. The year-to-date average price was $257,520, a sizable gain of 23.3 per cent from the first seven months of 2020.
There were 382 new residential listings in July 2021. This was the largest number of new listings added in the month of July in more than five years.
Despite some gains in July, the inventory of available houses remains low. While a big number of new listings were added in July, the number of houses for sale at the end of July was down sharply by 12.9 per cent from the end of July 2020. Active listings haven’t been this low in the month of July in more than two decades.
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.
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.
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!
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.