Metro Moncton Real Estate Remains Hot, Deteriorates Inventory
MONCTON–Real estate activity in Greater Moncton remained relatively busy in November, as the end of a historic year for the region nears.
The 363 units sold are second all-time for November, only trailing the mark set in 2020. However, elevated prices pushed the value of all sales to $104.7-million, which sets a new record in that category for this time of year.
“If last year’s fall market was considered white-hot, fall 2021 would register as red hot. MLS home sales were well above average for this time of year, posting the second-highest November total on record,” said Ryan Davison, President of the Greater Moncton Realtors.
In 2021, a record 4,303 units have been snatched up by buyers, before factoring in sales in December.
An unprecedented 11 months for Greater Moncton Realtors have wreaked havoc on overall availability and the costs of properties.
“The number of newly listed properties during November was once again insufficient to keep up with the torrid pace of demand, further deteriorating overall supply,” Davison said.
“Active listings have now fallen to the lowest level since the start of the pandemic with no relief in sight for buyers. As long as the current market conditions persist, we expect prices will continue to be elevated well into 2022.”
It would take about 1.5 months to sell current inventories at the current rate of sales.
Robert Lothian is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.