Greater Moncton home sales mark best December ever, capping record year
Residential sales in the area served by the Greater Moncton REALTORS® du Grand Moncton numbered 187 units in December 2019. This was a large 30.8% gain from December 2018. This was a new sales record for the month of December.
On an annual basis, home sales totalled a record 3,385 units over the course of 2019, an increase of 16.3% from 2018.
“December was another new monthly sales record, the eighth in 2019,” said Parise Cormier, President of the Greater Moncton REALTORS® du Grand Moncton. “As a result, 2019 absolutely crushed the previous annual record from 2018. Activity also had a great handoff into 2020, although supply may start to become more of an issue if it keeps falling.”
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 $189,200 in December 2019, up 4.9% compared to December 2018.
The benchmark price for semi-detached homes was $190,200, rising 5.1% on a year-over-year basis in December. The benchmark price for single-detached properties was $197,600, up 4.6% year-over-year.
By comparison, the benchmark price for townhouse/row units was $149,400, edging up 3.7% compared to a year earlier, while the benchmark apartment price was $202,400, jumping 27.4%.
The average sale price of Greater Moncton home sales in December 2019 rose 12.5% from December 2018. The more comprehensive annual average price for 2019 was up 4.5% from all of 2018.
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 158 new residential listings in December 2019, up 9% (13 listings) on a year-over-year basis.
That said, overall supply levels are currently trending at the lowest level in nearly 15 years. Active residential listings numbered just 1,118 units at the end of December, dropping 22.1% from the end of December 2018.
There were only 6 months of inventory at the end of December 2019, down from the 10 months recorded at the end of December 2018 and well below the 10-year average of 14.3 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 December 2019 was $37.8 million, a 47.1% jump from the same month in 2018. This was by far a new record for the month of December.
Sales of all property types numbered 203 units in December 2019, up 32.7% from December 2018. The total value of all properties sold was $39.8 million, a large 44.3% increase from December 2018.
The Greater Moncton REALTORS® du Grand Moncton represents more than 329 REALTORS® from 21 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.
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The Greater Moncton REALTORS® du Grand Moncton represents more than 328 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.