The August and year to date stats for the Moncton Real Estate Board have just been posted, and a few things are of interest:
1. Y-T-D Listing Inventory is up 3% over 2011. What does this mean? Well, buyers have a lot more choice than they did last year, and sellers are in competition for that buyer. Each day we are seeing more price reductions and incentives for listed properties. The prices will adjust.
2. Y-T-D Expired Listings are up by 4% over 2011. Listings are not selling for the price in the contract period. We will see more price adjustments.
3. Y-T-D Number of sales are down by 9% over last year, and total dollar volume is also down 9%. This is a normal adjustment over the past record breaking years, and indicates the downward pressure on price. Did the recent changes in mortgage rules have an effect? To some extent yes, especially in the new construction semi-detached market.
The majority of sales are in the 150,000-250,000. range (277 year-to-date)
With variable and mixed rates hovering around 3% and prices lowering, can the buyers be far behind?
We anticipate a very brisk Fall market!
For more information, please contact me: Jan Keirstead firstname.lastname@example.org