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.

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