Fredericton Area MLS® home sales remain above average in August
The number of homes sold through the MLS® System of the Real Estate Board of the Fredericton Area Inc. totaled 268 units in August 2021. This was a decrease of 13.3% from August 2020 but still managed to come in at the third best level for this month on record.
Home sales were 4.6% above the five-year average and 21.4% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 2,273 units over the first eight months of the year. This was a sizable gain of 25.8% from the same period in 2020.
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 $241,000 in August 2021, an increase of 27.9% compared to August 2020.
The benchmark price for single-family homes was $242,400, a sizable gain of 27.8% on a year-over-year basis in August. By comparison, the benchmark apartment price was $210,600, rising 26.5% from year-ago levels.
The average price of homes sold in August 2021 was $253,714, increasing by 17.5% from August 2020.
The more comprehensive year-to-date average price was $256,959, advancing 22.3% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $68 million, up modestly by 1.9% from the same month in 2020. This was a new record for the month of August.
The number of newly listed properties decreased slightly by 3.5% (12 listings) from August 2020. There were 331 new residential listings in August 2021.
New listings were 0.4% above the five-year average and 7.9% below the 10-year average for the month of August.
Active residential listings numbered 594 units on the market at the end of August, a decline of 11.1% from the end of August 2020. Active listings haven't been this low in the month of August in more than two decades.
Active listings were 42.2% below the five-year average and 58.7% below the 10-year average for the month of August.
Months of inventory numbered 2.2 at the end of August 2021, unchanged from the 2.2 months recorded at the end of August 2020 and below the long-run average of 7.2 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.
BOARD & ASSOCIATION INFORMATION
The Real Estate Board of the Fredericton Area Inc. represents 330 agents, salespeople and affiliate members throughout the provincial capital area. The Board serves members through a variety of programs, publications and special services including the Multiple Listing Service®. REALTOR® is a trademark, which identifies real estate professionals who are also members of the Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict code of ethics.
REAL ESTATE BOARD OF THE FREDERICTON AREA INC.
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For more information, please contact:
Sharon Watts, Executive Officer
Real Estate Board of the Fredericton Area Inc.
544 Brunswick Street
Fredericton, NB E3B 1H5