Residential sales recorded by the Real Estate Board of the Fredericton Area Inc. were up from a year earlier in October 2017.
Residential property sales numbered 158 units in October, an increase of 8.2% from the same month last year. This was the highest number of sales for the month of October since 2007 and the third highest ever.
Year-to-date residential property sales numbered 1,898 through the first ten months of 2017, up 5.1% from 2016 and an eight-year high for the period.
October 2017 sales priced from $150,000 to $250,000 were up 13% (4 sales) on a year-over-year basis, while sales in the range from $250,000 to $350,000 rose 54.5% (6 sales). The number of sales priced between $350,000 and $500,000 dropped by 66.7% (2 sales) and there was one more sale priced above $500,000.
The residential average price was $169,754 in October 2017, up 6.5% from October 2016. The less volatile year-to-date average price was $182,169, edging up just 0.4% from this time last year. The bigger picture on prices is that they have been more or less stable over the last six years.
New listings numbered 290 units in October 2017. This was a 14.6% increase from a year earlier.
The bounce in new supply notwithstanding, overall supply has been trending downward over the last two years. There were 1,187 active residential listings on the Board�s MLS® System at the end of October, down 15.1% from levels recorded a year earlier.
There were 7.5 months of inventory at the end of October 2017, down from 9.6 months at the end of October 2016 and below the long-run average 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 value of all residential sales activity in October 2017 was $26.8 million, up 15.3% from year-ago levels.
Sales of all types of properties numbered 188 units in October, up 16% on a year-over-year basis. The combined value of all property sales totalled $30.4 million, up 21.8% from October 2016.
Credits: Exit Realty Advantage