We recently received the monthly stats from the Greater Moncton REALTORS du Grand Moncton Real Estate Board and it shows were are holding in on in what can only be called a challenging real estate market in NB.
Our dollar volume year to date is up 10% over last year, the dollar volume for the month was up 5 % over October of 2013 and was over the volume for Oct 2012 as well. Our average sale price is $177,027 up 2.8% over the same time last year which is pretty standard for us here in Metro. Slow and steady increase in value is our motto!
On the down side we still have 22.5 months of inventory on the market even with our expired listings being up 20% over last year. So, be patient with your listing Agent as there is a lot out there for buyers to consider.
We have a new tool in our tool box which will be of assistance in helping our sellers have a good handle on the market in their neighbourhood. The Canadian Real Estate Association has been working with Altus Appraisals to come up with a Housing Price Index which works exactly like the Consumer price Index. Our base year is 2005 and everything works from there. It is a better measure of what the housing market is doing than average sale price and it can be very specific as it looks at typical housing by neighbourhood. You will be hearing more about this in the coming months. Ask your REALTOR about haow this can work for you.
It is a great time to be buying real estate, and if you're careful and work with a REALTOR, it's a good time to be selling as well. It's going to take a bit longer to sell, but don't panic. Give us a call and we will help you make all the right decisions that maximize your money and minimize your stress. give us a call.