CREA (The Canadian Real Estate Association) recently released the October 2022 Fredericton and Region Residential Market Activity and MLS® Home Price Index Report. Real estate is an important part of the economy, not only because it provides housing and other necessities for people, but also because it is a major investment for many people. In this blog, we’ll give you the summary and highlights of the report so you can know more about the current state of the Real Estate market.
Fredericton and Region MLS® Residential Market Activity
- The Sales Activity was lower in October 2022 and Year-to-date compared to the previous year. However, the Average Price and Median Price were much higher than those of October 2021 and the previous years.
- The market is tight for sellers. The new listings for October alone and Year-to-date is lower compared to October 2021. It dropped by 9.4% Year-to-date and 8.6% for October alone and is by far the lowest recorded level for October month since the year 2013. This means that the market is tight for sellers, but buyers are hungry! This is a good time to be selling.
- The month of October saw a 21.4% increase in active listings compared to October 2021, and a 15.6% decrease in Year-to-date compared to the same period last year. These numbers mean that there’s more demand for homes than supply during the month.
- Months of Inventory for October 2022 is at 2.8, which is great news for sellers. The year-to-date is 1.9, 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 October 2022 were the highest since 2013. Year-to-date is also the highest since 2013 with an average price of $308,941 and a median price of $295,000.
Here is the statistics summary per Benchmark/Property type.
- Sales activity in October of 2020 was 26% lower than the same month in 2021 and 21.6% lower year-to-date.
- The average price and median price for a Single Family have risen to their highest levels since 2013. With an average price per property sold in October of $318,328 and the median price of $299,000 and Year-to-date average price of $335,017 and a median price of $323,800, the average price and median price for a Single Family in October and year-to-date is by far the highest since 2013.
- The sales activity in October of this year is the same as in October of 2021 and 26.6% lower year-to-date.
- The market for Apartments in October and year to date is by far the highest since 2013 with an average price per property sold in October of $251,650 and a median price of $242,500 and a Year-to-date average price of $248,774 and a median price of $242,000.
- With less than a month in the inventory, the market is tight for Apartments.
For your reference, here are the latest Benchmark price and descriptions.
Source: Canadian MLS® Systems, CREA
The housing market is heating up and it’s time to get moving! Whether you’re ready to sell your home or buy a new one, it is important to have someone who will guide you through every step of the way. I’m here to help, I am more than happy to meet with or speak with you to review what might be the best move for you and your family or investments in Real Estate.
Rob Brown REALTOR®