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.