Shortage of Listed Homes an Ongoing Issue in Greater Moncton
MONCTON — The shortage of homes for sale continues to be an issue in the Greater Moncton real estate market.
The number of homes sold was 273 units in April which was down sharply year-over-year by almost 22 percent.
Home sales were nearly 10 percent below the five year average for April, yet about four percent above the ten year average.
Greater Moncton Realtors noted how a shortage of listings is a common issue throughout most of the province.
”Without an adequate supply of available properties, it becomes challenging for buyers to find a suitable home that fits their needs. Although market conditions are still favoring sellers, the current situation is not compelling enough to bring them back into the market. It’s understandable homeowners would be hesitant to sell their properties without a suitable replacement available”, said Devon Babineau, President of the Greater Moncton Realtors.
“We are closely monitoring our local market to identify the tipping point that could encourage sellers to put their homes up for sale, thus creating opportunities for eager buyers looking to purchase their dream home.”
The overall benchmark home price in Greater Moncton was $323,900 last month, down slightly at 1.7 percent from a year ago but up a staggering 73 percent from three years ago.