New Brunswick Real Estate Board

The number of homes sold through the MLS® System of the New Brunswick Real Estate Board totaled 656 units in March 2024. This was a decline of 13.2% from March 2023.

Home sales were 23.9% below the five-year average and 10.4% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 1,706 units over the first three months of the year. This edged down 0.9% from the same period in 2023.

At the local level home sales activity recorded declines in all areas of the province, falling in Saint John (-3.9%), Greater Moncton (-14.9%), Fredericton (-15.2%), and Northern and Valley Regions (-17.8%) on a year-over-year basis.

"Although there has been a decline in sales when compared to last year, there’s a growing sense of momentum in many regions of the province. For three months in a row sales have increased and for the first time since last autumn new listings have surpassed the 1,000 available home threshold, contributing to a sustained rise in active listings. On the pricing side, the MLS® HPI Benchmark Price and the average price of homes have seen increases for three consecutive months as well.” said Mike Power, Chair of the New Brunswick Real Estate Board. “Market balance is stable, but with a widely anticipated decrease in interest rates on the horizon, potential buyers may be pushing out their purchases until they have confirmation of lower rates. As the traditionally active spring market kicks off, only time will tell if buyers continue to wait on the sidelines until there is definitive evidence that rate reductions are coming later in the year or if concerns of tighter more competitive markets will motivate them to return in the near term. Either way we recommend working with a REALTOR® who will be able to provide insights into your local market and help guide you on your path to homeownership.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $295,900 in March 2024, a gain of 9.5% compared to March 2023.

The benchmark price for single-family homes was $296,700, up by 9.6% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $269,600, an increase of 8.5% compared to a year earlier, while the benchmark apartment price was $269,800, a moderate gain of 6.2% from year-ago levels.

The dollar value of all home sales in March 2024 was $210.1 million, a decrease of 7.1% from the same month in 2023.

The number of new listings saw a small reduction of 1.9% from March 2023. There were 1,051 new residential listings in March 2024.

New listings were 12.1% below the five-year average and 18.8% below the 10-year average for the month of March.

Active residential listings numbered 2,388 units on the market at the end of March, decreasing by 1.8% from the end of March 2023.

Active listings were 10.5% below the five-year average and 46.1% below the 10-year average for the month of March.

Months of inventory numbered 3.6 at the end of March 2024, up from the 3.2 months recorded at the end of March 2023 and below the long-run average of 6.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.