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.