Hi! I’m here again to share with you the current trends and conditions in the housing market in Fredericton Area. In this blog post, we will dive into the real estate statistics for June 2023 and explain why it remains a seller’s market. Whether you’re a homeowner looking to sell or a prospective buyer, understanding the dynamics of the market can help you make the right decisions. Let’s explore the numbers and factors contributing to the ongoing seller’s market.

Why It’s Still a Sellers’ Market?

• Limited Inventory

One of the primary factors contributing to the seller’s market is the limited housing inventory. As the number of potential buyers exceeds the available properties for sale, the competition among buyers increases. This scarcity of inventory provides sellers with an advantage, allowing them to command higher prices and negotiate favourable terms.

In June 2023, 332 new residential listings were added and compared to June 2022, there was a significant drop of 26.7% in the number of new listings. This was the lowest number of new listings added in June in the previous twenty years.

• Price Appreciation

The combination of high demand and low inventory has resulted in significant price appreciation in the Fredericton real estate market. Home prices have been steadily rising, offering sellers the opportunity to maximize their returns on investment. The average sales price in June 2023 increased by 8.7% compared to the previous year, reflecting the market’s strength and desirability.

• Shorter time in the Market
  Another significant indicator of a seller’s market is the amount of time a property spends on the market before being sold. In June 2023, the number of months in inventory is at 1.7. This shortened time frame demonstrates the high demand and quick turnover of properties, benefiting sellers who can sell their homes faster and with fewer hassles.

If you’re considering selling your property, now may be an ideal time to capitalize on the market conditions. On the other hand, if you’re a buyer, it’s important to be well-prepared, work with a knowledgeable REALTOR®, and act swiftly when a desirable property becomes available.

As always, for personalized advice and assistance in navigating the local real estate market, feel free to reach out to me. I’m always happy to be helpful. Stay tuned for future updates and more valuable insights on Fredericton and Region’s real estate landscape.

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