A slow start for 2016 has not deterred the Greater Moncton market from experiencing a 5 per cent year-over-year increase in home sales in July, with 271 units sold.
In a press release published on its website, the Canada Real Estate Association (CREA) stated that new listings in Greater Moncton were down 21.2 per cent last month compared to the same period last year, totaling 472 units. Inventory was down from 11.6 months in July 2015 to 9.7 months in July 2016.
“July’s above average sales numbers provide further evidence that the weakness we saw back in February, March and April is now in the rear-view mirror and that stronger housing demand is once again the dominant trend in the region,” according to Trent Wilkins, President of the Greater Moncton REALTORS® du Grand Moncton.
“With activity up and supply trending lower, the market is currently in better balance than at any other point in close to four years,” Wilkins added.
The year-to-date average price in the region grew by 1.9 per cent compared to the first seven months of 2015.
“Semi-detached home prices were up 7.03 per cent on a year-over-year basis in July, with prices for single-detached properties increasing by 8.73 per cent. By comparison, townhouse prices declined 4.65 per cent from last July, while apartment unit prices rose 26.38 per cent compared to one year ago,” the news release stated.
Home sales fall in June
Aggregate price sees greatest annual gain since 2006