Courtesy of The Charron Real Estate Team

Demand for MLS ® listed homes picks up in October

FREDERICTON AND REGION

$328,100 residential UP 14.0% year-to-year

BENCHMARK PRICES

71.0% SALES TO NEW LISTING RATIO 272 NEW LISTINGS

3.1 MONTHS OF INVENTORY

ACTIVE LISTINGS 594

193 SOLD LISTINGS

November 2024 – The number of homes sold through the MLS ® System of the New Brunswick Real Estate Board totaled 884 units in October 2024. At the local level home sales activity posted an increase in Saint John (43.1%), Northern and Valley Regions (15.3%), and Fredericton (5.5%) and recorded a decline in Greater Moncton (-3.2%) on a year-over-year basis. “October saw a solid rebound in sales, bouncing back from September’s slower pace and posting impressive totals for this time of year. The number of newly listed properties remained steady, aligning closely with recent trends,” said Mike Power, Chair of the New Brunswick Real Estate Board. “The MLS ® HPI Benchmark Price continued to climb, now up nearly 12% since the end of 2023. As the Bank of Canada hints at further potential rate cuts, sidelined buyers face a key decision: wait for lower rates or move now, weighing the risk that any savings from rate reduction could be countered by rising prices.”

The overall MLS ® HPI composite benchmark price was $318,500 in October 2024, up 9.5% compared to October 2023. The benchmark price for single-family homes was $319,400, up 9.5% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $290,100, an increase of 11.6% compared to a year earlier, while the benchmark apartment price was $291,300, up 13% from year ago levels. There were 1,248 new residential listings in October 2024. Active residential listings numbered 3,185 units on the market at the end of October. Months of inventory numbered 3.6 at the end of October 2024. Statistics reflect market activity in October 2024 | Source: New Brunswick Real Estate Board. Market values stated are of the benchmark of Fredericton and Region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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