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.
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!
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I would like to give you a market update. It is still a sellers’ market! In September this year, home sales numbered 258, up 34.4 per cent compared to September 2019. The average price of homes sold in September 2020 was $210,015 up 22.6% compared to the same month last year. But a total of 312 listings were added in September 2020 and this number is higher by 4.3 per cent compared to September 2019. This is a good time to sell!
Fredericton housing market continues to rebound as prices go up by 16.8%
Greater Fredericton Area home sales are rebounding from the COVID-19 pandemic and prices are on the rise, but completed transactions are still short of where they were last year, the area’s real estate board has reported recently.
The average price of homes sold in July 2020 was a record $218,767, rising 16.8% from July 2019.
The month of July 2020 also marked the second best July on record with 291 units sold which is 1% higher (three sales) than July 2019.
On a year-to-date basis, the average price of homes sold from January to July was $209,691 up 9% compared with the same period in 2019.
However, home sales for the first seven months totalled 1,471 units – down 6.8% from 2019.
There were 375 new residential listings in July 2020. This was little changed, down only 0.5% (two listings) on a year-over-year basis but remained well above the lows from April 2020 and marked a return to pre-COVID levels.
Inventories remain thin and is at its lowest level in over 20 years. Active residential listings numbered 733 units at the end of July. This was a large decline of 36.3% from the end of July 2019. Overall supply has generally trended lower since mid-2015
Homes have been selling faster too, with months of inventory numbered 2.5 at the end of July 2020, down from the 4 months recorded at the end of July 2019 and below the long-run average of 7.5 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.
The dollar value of all home sales in July 2020 was $63.7 million, rising 18% from the same month in 2019.
Fredericton housing market recovers in May; average price sets record high but home inventory at its lowest level since the mid-1990s
The average price of homes sold in May 2020 was a record $216,347, up 3.6% from May 2019. On a year-to-date basis, the average price was $202,930 up 4.3% from the first five months of last year.
Residential sales recorded by the Real Estate Board of the Fredericton Area totaled 207 homes in May 2020. While this was still a large 40.9% decline from May 2019, it did represent an improvement over April.
On a year-to-date basis, home sales totalled 796 units over the first five months of the year, down 24% from 2019.
There were 335 new residential listings in May 2020. This was down 37.7% on a year-over-year basis; although that was significantly better than the decline of almost 60% recorded in April.
And it is interesting to note as well that with low inventory and plenty of buyers, multiple offers on homes have been frequent occurrences.
Overall supply had generally trended lower since mid-2015 but has fallen further and faster during the COVID-19 crisis. Active residential listings numbered only 804 units at the end of May, dropping 30.6%from the end of May 2019. It was the lowest level for this time of the year since the mid-1990s.
The dollar value of all home sales in May 2020 was $44.8 million, falling 38.7% from the same month in 2019.