Greater Moncton Home Sales Slow, Prices Up Dramatically
MONCTON— The red-hot pace of home sales slowed down in Greater Moncton last month according to industry figures but sales were still well above average for July.
Home sales were down 14 percent compared to last year with 422 units sold but nine percent above the five-year average and 35 percent above the ten-year average.
On a year-to-date basis, home sales totaled a record 2,720 units – up sharply by almost 40 percent from the same period in 2020.
Greater Moncton Realtors president Ryan Davison says the market typically cools during the summer months as many people take vacations.
“So if you’re looking at your July and August months, we see a lot of travel to and from the province to see family and loved ones in other spots.”
Davison says travel may be especially true this summer as loved ones reunite after being separated due to pandemic restrictions.
Home prices have jumped dramatically year-over-year with a nearly 40 percent increase in the benchmark price for single family homes at $282,200, a 34 percent jump for townhouses/row units at $167,700 and a 39 percent hike for apartments at $228,500.
Davison believes an ongoing factor is playing a role in the significant increases.
“A lot is driven by the fact that we still have a low inventory of homes and Greater Moncton is still very much a sellers market.”
Allan Dearing is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.