Greater Moncton Home Prices Expected To Keep Rising
MONCTON – Realtors in Greater Moncton believe home prices in the region will continue to rise.
“January set another new monthly sales record, which is only surprising because January also saw a drop in new listings,” said Parise Cormier, president of the Greater Moncton REALTORS du Grand Moncton, in a release.
“Should the current strength in activity persist, along with further declines in supply, price gains are a certainty. Right now, we’re looking at the lowest level of available listings on the market in 15 years, and that’s a number that has continued to fall with each passing month for four years now.”
Despite a new sales record set in January, there were few new listings on the market.
During the first month of this year, 176 units were sold which is a small improvement year-over-year.
But Cormier said they only had 264 new residential listings, which is the lowest in 15 years.
With a continuing decline in supply, Cormier says prices will be creeping higher.
The benchmark price for semi-detached homes was $190,400 in January, up 5.6 percent on a year-over-year basis, while the benchmark price for single-detached properties was $197,900, up 6.1 percent on a year-over-year basis.
The townhouse/row units benchmark price also went up 6.7 per cent to $155,400 from the prior year, and apartment price rose a staggering 30.2 percent to $209,600.
However, the realtor group notes that while average price information is useful for establishing trends over a period of time, it doesn’t indicate the actual value of any particular property.