We are looking at an exciting year ahead in real estate for Fredericton and the surrounding areas, as data from the Canadian Real Estate Association (CREA) has just been released for the month of January 2023. The Real Estate market is an important part of the economy, providing not only the necessary housing and related services, but also being a major area of investment for many. This blog post will summarize a report on the current state of Real Estate, highlighting the most important points.
Fredericton and Region MLS® Residential Market Activity Summary
- In January 2023, the real estate market in Fredericton and the surrounding area remained healthy, with a total of 98 units sold, an increase in sales activity by 13.3% compared to January 2022.
- The new listings for January 2023 dropped by 20.1% compared to January 2022. The average price for properties is $257,786, a 5.7% decrease while the median price is $221,500, an 8% decrease compared to January 2022. The market may not be providing much encouragement for those attempting to put their homes up for sale; however, buyers are eager to purchase whatever is available. This creates a great opportunity for sellers wanting to offload their homes.
- Active listings had a huge decrease of 78% compared to January 2022.
- Months of Inventory for January 2023 is at 3.5 which is higher compared to January of 2022 yet is still good and low that sellers are still in a stronger position when negotiating with buyers.
- Median days on market remained low.
Here is the statistics summary per Benchmark/Property type.
Single-Family
- Sales activity in January 2023 increased by 16.7% compared to the sales activity of the prior year.
- New listings for January 2023 dropped by 19.3% compared to January 2022.
- The average price and median price for a Single Family is lower compared to January 2022. With an average price per property sold of $288,147 and the median price of $265,000.
Apartment
- The sales activity in January 2023 increased by 33.3% compared to January 2022.
- Active listings decreased by 150% while New listings decreased by 66.7% compared to the prior year.
- The market for Apartments in January 2023 is by far the highest since 2018 with an average price per property sold in of $235,950 and a median price of $235,950.
- 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
To sum it up, the real estate market in Fredericton and the vicinity is healthy for January 2023, with a rise in sales and a decline in new listings. The region still seems to be a desirable living space for those seeking a home, despite the decrease in average and median prices compared to the same period last year. With the months of inventory remaining low, sellers are in a more advantageous position when negotiating with buyers.