Greater Moncton home sales manage record January despite dearth of new listings
Residential sales in the area served by the Greater Moncton REALTORS® du Grand Moncton numbered 176 units in January 2020. This edged up 2.9% from January 2019 and marked a new sales record for the month of January.
“January set another new monthly sales record, which is only surprising because January also saw a drop in new listings,” said Parise Cormier, President of the Greater Moncton REALTORS® du Grand Moncton. “Should the current strength in activity persist, along with further declines in supply, price gains are a certainty. Right now, we’re looking at the lowest level of available listings on the market in 15 years, and that’s a number that has continued to fall with each passing month for four years now.”
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 for Greater Moncton was $189,900 in January 2020, up 6.4% compared to January 2019.
The benchmark price for semi-detached homes was $190,400, up 5.6% on a year-over-year basis in January, whereas the benchmark price for single-detached properties was $197,900, up 6.1% on a year-over-year basis.
By contrast, the benchmark price for townhouse/row units was $155,400, up 6.7% compared to a year earlier, while the benchmark apartment price was $209,600, jumping 30.2%.
The average sale price of Greater Moncton home sales in January 2020 was up 4.9% from January 2019.
While the use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer, the Greater Moncton REALTORS® du Grand Moncton cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
There were 264 new residential listings in January 2020, down 1.9% (five listings) on a year-over-year basis. This was the lowest level for the month of January in 15 years.
Overall supply levels are also currently trending at the lowest level in 15 years. Active residential listings numbered 1,151 units at the end of January, a 19.5% drop from the end of January 2019.
There were 6.5 months of inventory at the end of January 2020, down from the 8.4 months recorded at the end of January 2019 and below the 10-year average of 14 months for the end of the 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.
The total dollar value of all residential home sales in January 2020 was $32.3 million, up 8% from the same month in 2019. This was a new record for the month of January.
Sales of all property types numbered 207 units in January 2020, an increase of 10.1% from January 2019. The total value of all properties sold was $41.4 million, a 34.5% jump from January 2019.
BOARD & ASSOCIATION INFORMATION
The Greater Moncton REALTORS® du Grand Moncton represents more than 330 REALTORS® from over 20 member offices in Moncton, Dieppe, and Riverview as well as nearby communities in South Eastern New Brunswick. MLS® is a co-operative marketing system used only by Canada's real estate Boards to ensure maximum exposure of properties listed for sale.