Greater Moncton home sales improve further in July
Residential sales in the area served by the Greater Moncton REALTORS® du Grand Moncton numbered 271 units in July 2016, up five per cent from levels in July 2015.
On a year-to-date basis, however, home sales were still running 7.1 per cent below the first seven months of 2015 owing to this year’s slow start.
“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,” said 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,”
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 for Greater Moncton was up 8.4 per cent in July 2016 compared to the same month last year. This makes for a full year of year-over-year price increases.
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. It is important to note that the large gain in apartment prices in large part simply reflects a recovery following a period of softness last year.
The average sale price of Greater Moncton home sales fell 1.9 per cent from July 2015. The year to-date average price was up 1.9 per cent from the first seven months of 2015.
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®.
New listings numbered 472 units in July. This was down 21.2 per cent from July 2015.
While overall supply remains at historically elevated levels, it has come off its peak. Active residential listings on the Board’s MLS® System numbered 2,620 units at the end of July 2016, a decline of 12.4 per cent from the same time last year.
There were 9.7 months of inventory at the end of July 2016, down from 11.6 months reported at the end of July 2015 and only slightly above the long-run average for this time of the year.
Stats provided by GMRGM