Home sales drop by 7.7% in June

by Josie Livingstone

Home sales in the Fredericton area experienced a moderate decline in June 2023, according to the Real Estate Board of the Fredericton Area Inc.

A total of 286 units were sold during the month, reflecting a 7.7% decrease compared to June 2022. This figure also fell 9.1% below the five-year average and 1.5% below the 10-year average for June.

Cumulatively, home sales for the first half of 2023 amounted to 1,156 units, indicating a substantial decline of 18.6% compared to the same period in 2022. However, despite the year-over-year decline, June’s home sales showed improvement compared to the previous month, marking the fifth consecutive month of increasing sales and suggesting a positive trend in the local market.

Michele Morris, President of the Real Estate Board of the Fredericton Area Inc., noted that the number of newly listed properties decreased in June, resulting in an overall inventory of fewer than 500 available homes. The sustained rise in sales, combined with limited new listings, has exacerbated the ongoing supply shortage. Notably, the number of active listings hit a record low for any June, further underscoring the scarcity of available properties.

Regarding pricing, the MLS® Home Price Index (HPI) revealed a 5.1% decline in the overall composite benchmark price, which stood at $288,400 in June 2023 compared to June 2022. The benchmark price for single-family homes was $289,300, reflecting a 5.2% decrease year-over-year, while the benchmark apartment price was $267,600, showing a slight reduction of 2.4% from the previous year.

The average price of homes sold in June 2023 was $336,481, representing an 8.7% increase compared to June 2022. However, the year-to-date average price remained relatively stable, with a minimal 0.4% rise to $325,633 compared to the first six months of 2022.

In terms of market value, the total dollar value of home sales in June 2023 reached $96.2 million, a marginal increase of 0.3% compared to the same month in 2022. This figure set a new record for the month of June.

New residential listings experienced a significant decline, plummeting by 26.7% from June 2022. A mere 332 new listings were added in June 2023, marking the lowest number for June in two decades. These figures stood 18.4% below the five-year average and 24.3% below the 10-year average for the month.

May 2023 Witnessed a Decline in Home Sales in Fredericton Area

by Josie Livingstone

The Real Estate Board of the Fredericton Area Inc. has reported a decline in the number of homes sold through its MLS ® System in May 2023. A total of 268 units were sold, reflecting an 11.6% decrease compared to May 2022.

The figures for home sales in May were also below the average of the past five years, registering a 10.1% shortfall, and 3.7% below the 10-year average for the same month.

For the year-to-date period, the total number of home sales stood at 870 units, marking a significant 21.8% decline from the corresponding period in 2022.

Commenting on the market conditions, Michele Morris, President of the Real Estate Board of the Fredericton Area Inc., stated, “MLS ® home sales in May were slightly below average, and the number of newly listed properties fell short of our expectations for this time of year. As new listings outpaced sales, the overall inventory surpassed 500 homes for the first time since late summer 2022. Although the average price and MLS ® HPI Benchmark price experienced marginal increases in May, the market balance favored sellers, albeit not as strongly as in recent months. Our local market has demonstrated steady growth since the beginning of 2023, and we anticipate this trend will continue throughout the summer months.”

The MLS ® Home Price Index (HPI) provides a more accurate representation of price trends compared to average or median price measures. In May 2023, the overall MLS ® HPI composite benchmark price was reported as $281,600, showing a 4.8% decrease compared to May 2022.

Breaking it down by property type, the benchmark price for single-family homes stood at $282,100, reflecting a moderate 5% decrease year-over-year in May. On the other hand, the benchmark apartment price saw a modest gain of 1.9% from the previous year, reaching $269,100.

The average price of homes sold in May 2023 was $334,799, indicating a 2.2% decline from May 2022. Looking at the broader picture, the year-to-date average price amounted to $321,740, representing a 2% decrease from the first five months of 2022.

In terms of the total value of home sales, May 2023 witnessed transactions amounting to $89.7 million, marking a 13.5% decrease compared to the same month in 2022.

New listings in May experienced a slight increase of 0.3% (equivalent to one listing) compared to May 2022, with a total of 388 new residential listings recorded.

According to the statistical report released by the Real Estate Board of the Fredericton Area Inc., new listings in May were 6.2% below the five-year average and 18.9% below the 10-year average for the same month.

At the end of May 2023, there were 522 active residential listings on the market, indicating a significant 31.5% increase from the end of May 2022. However, these active listings were 23.3% below the five-year average and 58.6% below the 10-year average for the month of May.

April 2023 • Newsletter 2023 • May 16, 2023

Sales drop as home supply remains low

by Josie Livingstone

The number of homes sold in the Fredericton Area Inc. totaled 208 units in April 2023. This was a decrease of 28% from April 2022, according to the Real Estate Board of the Fredericton Area.

On a year-to-date basis, home sales totaled 599 units over the first four months of the year. This was down by 26% from the same period in 2022.

The overall MLS^® HPI composite benchmark price was $279,900 in April 2023, a moderate decrease of 4.2% compared to April 2022.

The more comprehensive year-to-date average price was $315,610, a small reduction of 2.4% from the first four months of 2022.

The number of new listings fell 24.4% from April 2022. There were 273 new residential listings in April 2023.

March 2023 • Uncategorized @en-ca • April 18, 2023

Sales down 30.5 per cent in March as supply remains low

by Josie Livingstone

It was a quiet end for the first quarter of 2023, as home sales dropped 30.5 per cent in March compared to a year ago, according to the Real Estate Board of the Fredericton Area.

On a year-to-date basis, home sales also fell 24.8 per cent compared to the same period in 2022. A total of 391 houses were sold.

The benchmark price for single-family homes was $272,800, a modest decline of 3.7 per cent on a year-over-year basis in March. By comparison, the benchmark apartment price (condominiums) was $261,300, an increase of 9.5 per cent from year-ago levels.

For the first three months however, the decline was minimal at 1.9 per cent in terms of average price, compared to the same period last year. The year-to-date average price was $306,470.

Housing supply also fell, with the number of newly listed properties down 18.4 per cent from March 2022.

With Fredericton still suffering from low inventory of houses, the month of March was still a seller’s market.

Feel free to reach out to me anytime for any real-estate related questions.

February Newsletter • Newsletter 2023 • March 13, 2023

Home sales down 23.8%

by Josie Livingstone

The number of homes sold through the MLS ® System of the Real Estate Board of the Fredericton Area Inc. totaled 115 units in February 2023, decreasing 23.8% from February 2022.

Home sales were 17.9% below the five-year average and 10.2% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 214 units over the first two months of the year, retreating 18.9% from the same period in 2022.

The overall MLS ® HPI composite benchmark price was $265,800 in February 2023, essentially unchanged, up just 0.9% compared to February 2022.

The benchmark price for single-family homes was $266,400, a slight gain of 0.6% on a year-over-year basis in February. By comparison, the benchmark apartment price rose 10.5% to $253,000, from year-ago levels.

The average price of homes sold in February 2023 was $311,369, advancing 5% from February 2022.

The more comprehensive year-to-date average price was $286,053, up by 4.4% from the first two months of 2022.

The number of new listings fell 10.6% from February 2022. There were 177 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in three decades.

Active residential listings numbered 348 units on the market at the end of February, a substantial gain of 61.1% from the end of February 2022.

February Newsletter • Newsletter 2023 • Uncategorized @en-ca • February 17, 2023

January 2023 stats are here!

by Josie Livingstone

The real estate market has been wild in the last three years. But has the market shifted? We are just in the second month of 2023, and so far, statistics show at the end of January that the market balance was still in the sellers’ market territory.

Home sales were down by 13.3% in January. The total number of houses sold was 98, lower than January 2022 sales of 113.

There were 161 houses that were listed for sale in January, up 20.1% compared to the 134 houses that went up for sale in January last year.

But house prices continue to rise. The benchmark price $265,200 in January 2023, which shows an increase of $4.8% from $253,100 in January 2022.

Contact me anytime if you have any real-estate related questions.

January 2023 • Newsletter 2023 • Uncategorized @en-ca • January 31, 2023

2022 in Review: Sales Down, Prices Up

by Josie Livingstone

December 2022 • Uncategorized @en-ca • Uncategorized @en-ca • Uncategorized @en-ca • Uncategorized @en-ca • December 26, 2022

Home sales continue to decline in November

by Josie Livingstone

The housing market has cooled off in November with sales down by 36.8% compared to the same period last year. There was a total of 144 units sold in November compared to the 228 units sold in November 2021.

There were only 184 new listings added in November 2022, down 6.6% compared to the 197 listings in November 2021. The benchmark price of houses went up by 8.8% at $275,100.

In a low-inventory market, it’s the best time to sell your house.

Feel free to reach out anytime for any real estate questions.

November Newsletter 2022 • November 21, 2022

Home sales down 24% in October

by Josie Livingstone

Home sales continue to wane in October. A total of 177 houses were sold – a 24% decline compared to the same month last year.

Home sales were 16.3% below the five-year average and 2.9% below the 10-year average for the month of October.

On a year-to-date basis, home sales also dipped. A total of 2,255 units were over the first 10 months of the year. This was a decrease of 20.2% from the same period in 2021.

But despite the decrease in sales, prices have gone up, and at the end of October 2022, the market balance was still in the sellers’ market territory.

The overall MLS^® HPI composite benchmark price was $286,200 in October 2022, a gain of 15% compared to October 2021.

The average price of homes sold in October 2022 was $282,379, advancing 20.3% from October 2021.

The more comprehensive year-to-date average price was $308,941, up by 22% from the first 10 months of 2021.

The number of new listings or houses that came up for sale in October saw a moderate decline of 6.6% (15 listings) from October 2021. There were 212 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than two decades.

October Newsletter 2022 • October 26, 2022

September home sales dropped but it’s still a sellers’ market

by Josie Livingstone

The number of houses sold in the Fredericton area was down 35.9% in September 2022. This was a significant decline from September 2021, yet it was still one of the top three totals for the month of September in history.

The number of new listings fell 12.2% from September 2021. There were 244 new residential listings in September 2022. This was the lowest number of new listings added in the month of September in two decades.

The overall benchmark price was $290,100 in September 2022, an increase of 18% compared
to September 2021.

Despite the dip in sales, the market continued to be in the sellers’ market territory at the end of September 2022.