The CREA recently issued the November 2022 Fredericton Area Housing Market Update, showcasing the current state of the Real Estate sector in the area. The report presented a comprehensive overview of the area’s housing market, including the most recent data on sales, prices, inventory, and trends. It also highlighted key points such as the number of sales, average prices, and the days on market for residential properties. This is another blog to discuss the key features and details and a summary of the report to gain a better understanding of the Real Estate market.
- In November 2022, the MLS system of Fredericton Area Inc.’s real estate board recorded a total of 144 units sold, representing a considerable dip of 36.8% in comparison to the November 2021 figures.
- In November 2022, the number of new residential listings dropped to 184, which was a 6.6% decrease from the 197 listings observed in November 2021.
- November home sales were 19.1% lower than the five-year mean and 3.7% below the 10-year mean.
- Home sales had dropped drastically by 21.4% in comparison to the same timeframe in 2021, with 2402 units sold over the 11-month period of the current year.
- November 2022 saw the average price of homes sold rise to $287,533, a 12.8% increase from November 2021.
- The MLS Home Price Index (HPI) is a superior tool for recognizing price trends than average or median price measures. In November 2022, the MLS HPI composite benchmark price was $275,100, which is an 8.8% increase from November 2021.
- In November, the benchmark price for single-family homes was $275,800, an 8.3% increase from the same time last year. In comparison, the price for apartments was $258,600, a substantial 19.8% rise from the previous year.
- Five apartment units were sold in November 2022, representing a decrease of 28.6% from the same month in the previous year.
- The number of single–family units sold in November 2022 was 132, a decrease of 33.7% from the same month in the previous year.
- The average price of homes sold in November 2022 was $287,533, a 12.8% growth from November 2021.
- The year-to-date average cost for the period of January through November 2022 was $307,570, representing an increase of 21.4% in comparison to the same timeframe in 2021.
- In November 2022, the sum of money from all home sales decreased noticeably from the year before, dropping to $41.1 million, a decline of 28.8%.
- The number of new listings for the month of November was 6.5% less than what is usually seen in the last five years, and 16.1% lower than the 10-year average.
- At the conclusion of November, there were 439 residential listings on the market, an increase of 38.9% from the prior November.
- The number of active listings in November was nearly one-third lower than the 5-year average and more than half the 10-year average.
- At the end of November 2022, there were 3 months of inventory, which is greater than the 1.4 months from the same period in 2021, yet still lower than the regular 8.4 months usually seen at this time. This figure, known as the ‘months of inventory, represents the amount of time it would take to deplete the current stock level at the current rate of sales
The Fredericton Area Real Estate Board Inc. is comprised of 375 professionals in the real estate industry, including agents and salespeople, and affiliate members. The Board provides its members with a range of programs, publications, and services, such as the Multiple Listing Service. Real estate practitioners who are members of the Canadian Real Estate Association are eligible to use the trademark REALTOR®, which indicates they abide by a high standard of professional service and a code of ethics.
For more information, visit www.creastats.crea.ca/board/FRED