New Brunswick Real Estate Board

New Brunswick MLS® home sales in April post highest single month total since summer 2023

The number of homes sold through the MLS® System of the New Brunswick Real Estate Board totaled 930 units in April 2024. This was a sizable gain of 22.7% from April 2023.

Home sales were 1.2% above the five-year average and 15% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 2,632 units over the first four months of the year. This increased by 6.1% from the same period in 2023.

At the local level home sales activity posted increases in all areas of the province, rising in Northern and Valley Regions (24.8%), Fredericton (24.4%), Greater Moncton (23.3%), and Saint John (17.1%) on a year-over-year basis.

“Sales soared to the highest single month total since last summer, posting the third highest sales total on record for the month of April,” said Mike Power, Chair of the New Brunswick Real Estate Board. “New listings also surged, helping to prop up overall inventory. On the pricing side the MLS® HPI Composite Benchmark Price jumped to an all-time high, breaking through the $300K mark for the first time. Recently, there has been a lot of talk about what the Bank of Canada will do next. It is reasonable to assume based on April’s numbers that buyers are coming to terms with higher interest rates and are willing to get off the sidelines and into the market. I think it is safe to say this year’s spring market is off to a great start!”

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 $304,400 in April 2024, increasing by 9.3% compared to April 2023.

The benchmark price for single-family homes was $305,100, a gain of 9.2% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $281,500, up by 12.7% compared to a year earlier, while the benchmark apartment price was $281,100, an increase of 12.1% from year-ago levels.

The dollar value of all home sales in April 2024 was $311.1 million, a significant increase of 36.8% from the same month in 2023.

The number of new listings rose 34.4% from April 2023. There were 1,390 new residential listings in April 2024.

New listings were 11.1% above the five-year average and 3.3% below the 10-year average for the month of April.

Active residential listings numbered 2,633 units on the market at the end of April, increasing by 3.9% from the end of April 2023.

Active listings were 6.5% below the five-year average and 44.3% below the 10-year average for the month of April.

Months of inventory numbered 2.8 at the end of April 2024, down from the 3.3 months recorded at the end of April 2023 and below the long-run average of 6.7 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 average price information quoted can be useful in establishing trends over time but does not indicate actual prices in centers comprising widely divergent neighbourhoods, or account for price differentials between geographical areas.

The New Brunswick Real Estate Board represents approximately 1400 REALTORS® and affiliate members throughout the province. NBREB serves its members through a wide variety of educational programs, publications and special services. MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

REALTOR® is a trademark, that identifies real estate professionals who are 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.


For more information,
please contact:

Luke Moffet
CEO
New Brunswick Real Estate Board
541 St. George Blvd
Moncton, NB E1E 2B6
Tel: 506-857-8200

Chair
Mike Power

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