Fredericton continues to be a white-hot real estate market as home sales totaled 1,369 from January to May, 2021, up sharply by 71.6% from the same period in 2020.
For the month of May alone, a total of 352 homes were sold. This was a substantial increase of 66% from May 2020 and was a new sales record for the month of May, according to the the Real Estate Board of the Fredericton Area. The big increase compared to May 2020 can be attributed to the fact that sales were low in May last year because the market was just starting to rebound after the COVID-19 restrictions.
The average price of homes sold in May 2021 was $261,137, increasing by 21.3% from May 2020. The year-to-date average price was $257,998, a gain of 27.3% from the first five months of 2020.
Homes for sale numbered 560 at the end of May, declining 29.6% from the end of May 2020. The number of homes for sale has not been this low in the month of May in more than two decades.
With the market still very much in favour of the sellers, it is important for buyers to have perseverance, patience, and a winning attitude. Bidding higher, acting fast, and streamlining your offer can help you win a bidding war.