The Moncton real estate market kept strong throughout October 2018, registering a series of new all-time highs in terms of home sales. While the number of transactions increased and housing supply shrunk, there was a general rise in property prices. Here are the details:
Sales Records Were Broken throughout the Year
According to the most recent report from the Canadian Real Estate Association (CREA), residential unit sales in the Greater Moncton area were up more than 2% in October 2018 year-over-year (275 units sold), which was a new record for this month. When the year-to-date numbers are considered, the news is even better: unit sales over the first ten months of 2018, 2731 in total, were up more than 7% from the same time last year, yet another all-time high.
Chris Constantine, the president of the Greater Moncton Realtors du Grand Moncton, said that Moncton real estate records were broken several times in 2018. In fact, October was the seventh month in 2018 in which sales were at a historical high. He believes the end of the year will reflect this once more:
“A new annual sales record for 2018 is basically a lock at this point, and with supply at an eight-year low and still falling, prices continue to rise,” Constantine stated for CREA.
The Benchmark Price Has Consistently Risen
The MLS Home Price Index (HPI) for the Moncton area was $182,600 in October 2018, which was a 4.2% boost from the numbers in October 2017.
|Greater Moncton Housing Type||MLS® HPI Composite Benchmark Price|
|Oct 2018/Oct 2017 Price Change|
|All housing units||$182,600||+4.2%|
The composite benchmark price for semi-detached homes was up 1.8% year-over-year in October, at $181,100. The numbers for Moncton detached homes were at a benchmark of $192,000 and an increase of 4.2% year-over-year. Townhouse and row unit benchmark prices rose more than 12% to $143,500 and apartment prices were up 9.4% from October 2017 to $163,500.
Active Listings Were at an Eight-Year Low
In October 2018 there were 321 residential listings added to the MLS, which was 12 fewer listings than were added in October 2017. By the end of the month, the total number of active residential listings was 1,804, which was not only a decrease of 14.2% from October 2017 but was also an eight-year low for October.
Market Still in Favor of Buyers
When October 2018 came to a close, the number of months of inventory was down to 6.6. This is a decrease from 2018 when it came in at 7.8 and a large decrease from the long-run average for October of 9.5 months. A market with four to six months of inventory is considered a balanced market, so the current number of 6.6 still keeps the balance slightly in favour of buyers.
The Total Dollar Value of All Home Sales
Nearly $49 million in residential sales closed in October 2018, which was up 7.5% from the previous October. Once again, a record was broken as this number represents the highest dollar value for the month. The total value of all properties sold in October was $51.8 million, which is 8% higher than in October 2017.
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