The December 2022 Fredericton and Region Residential Market Activity and MLS® Home Price Index report was recently released. Real estate plays a vital role in the economy, providing not only dwellings and other essentials, but also being a major source of investment for many. In this blog post, we’ll provide the summary and highlights of the report to give you an overview of the present Real Estate market state.
Fredericton and Region MLS® Residential Market Activity Summary and Highlights
- The Sales Activity in December 2022 alone and Year-to-date was lower compared to the previous year. However, the Average Price and Median Price were much higher than those of December 2021 and the previous years.
- The new listings for December alone and Year-to-date are lower compared to December 2021. It dropped by 6.2% Year-to-date and 7.4% for December alone and the Year-to-date is by far the lowest recorded level for December month since the year 2012. Those trying to sell may not find the market very encouraging; however, buyers are keen to buy whatever is on offer. This creates a great opportunity for sellers.
- The month of December saw a huge 76.3% increase in active listings compared to December 2021, and an 8.7% decrease in Year-to-date compared to the same period last year. This data suggests that the current housing market is experiencing a greater demand for homes than there is availability in the month.
- Months of Inventory for December 2022 is at 3.5 which higher compared to December of 2021 yet is still great news for sellers. The year-to-date is 2.0, which is also low, indicating that sellers are in a stronger position when negotiating with buyers.
- The average price and median price for properties in December 2022 were the highest since 2012. Year-to-date is also the highest since 2012 with an average price of $307,351 and a median price of $292,000. This is by far the highest average and median price ever recorded for the region, further demonstrating the strength of the market.
- Overall, the region saw a total of 96 residential sales in December 2022 and 2,497 in total Year-to-date.
Here is the statistics summary per Benchmark/Property type.
- Sales activity in December of 2022 was 44.4% lower than the same month in 2021 and 23.6% lower year-to-date.
- The average price and median price for a Single Family have risen to their highest levels since 2012. With an average price per property sold in December of $318,782 and the median price of $297,000 and Year-to-date average price of $332,884 and a median price of $320,000, the average price and median price for a Single Family in December and year-to-date is by far the highest since 2012.
- The Year-to-date Sale to List Price ratio is by far the highest recorded since 2012.
- The Median Days on the Market Year-to-date is the lowest recorded since 2012.
- The sales activity in December of this year is the same as in December of 2021 and 26.9% lower year-to-date.
- The market for Apartments in December and year to date is by far the highest since 2012 with an average price per property sold in December of $365,650 and a median price of $265,000 and a Year-to-date average price of $260,570 and a median price of $242,000.
- The market for Apartments is tight, as it stays less than a month in the inventory.
For your reference, here are the latest Benchmark price and descriptions.
Source: Canadian MLS® Systems, CREA
While the overall activity of sales decreased, the average sale price of a residential home still rose. This means that the region is continuing to be an attractive place to live for those looking for a place to call home. The number of new listings has decreased compared to the same period of last year, indicating that people are content to stay in their current residences.
Overall, the December 2022 Fredericton and Region Residential Market Activity and MLS® Home Price Index report paints a picture of a healthy and robust market. Demand remains strong and prices are rising, indicating that the region is a great place to invest in real estate, market is still growing and that it will remain a viable option for those looking for a place to live. Homeowners in the region can be sure that the local market has a good outlook for the near future. If you’re looking to buy or sell, now is a great time to do so.