Home sales were up during the month of November, according to the New Brunswick Real Estate Association.
Figures from the association show there were 754 homes sold, a year-over-year increase of 9.3 per cent.
That is also nearly 11 per cent higher than the long-term average for this time of the year.
At the local level, sales increased more than 20 per cent in Saint John and nearly six per cent in Greater Moncton.
New listings saw a small gain of 11 listings as the number of active listings fell more than 13 per cent to 2,481 units.
That is about half the number of listings we normally see on the market at this time of the year.
The benchmark price for single-family homes was $288,600, up 7.3 per cent year over year.
Saint John saw a total of 181 home sales last month, which marked one of the highest November totals on record.
“However, the number of newly listed properties dropped to the lowest single month total since early 2023,” said Kevin Donovan, president of the Saint John Real Estate Board.
“As a result, the number of available homes fell below the 500 mark for the first time since March.”
There were 189 new residential listings in November, a year-over-year decrease of 3.1 per cent. Active residential listings were down 17 per cent to 477 units at the end of October.
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 2.6, down from 3.8 a year ago and below the long-run average of 8.3 months for this time of year.
The benchmark price for single-family homes was $292,700, an increase of nearly 10 per cent on a year-over-year basis.
“For the moment our local market is stable and with the traditionally slow holiday season on the horizon, it is reasonable to expect a relatively quiet close to 2023,” said Donovan.
The Saint John Real Estate Board covers the southern part of New Brunswick to the U.S. border in St. Stephen and includes the counties of Saint John, Kings, Charlotte and portions of Queens.
Greater Moncton saw a total of 271 home sales in November, which was more than nine per cent above the 10-year average.
Devon Babineau, president of the Greater Moncton REALTORS, said it was the third-highest total on record for the month of November.
“While new listings experienced only a marginal year-over-year uptick, they continued at an above-average pace for this time of year,” said Babineau.
“However, overall inventory dwindled to its lowest level since early spring, with the number of active listings at month-end falling below the long-term average”
There were 309 new residential listings in November, a year-over-year increase of 1.3 per cent. Active residential listings were down 11 per cent to 892 at the end of November.
Months of inventory numbered 3.3, down from 3.9 a year ago and below the long-run average of 7.8 months for this time of year.
The benchmark price for single-family homes was $339,400, an increase of 9.2 per cent on a year-over-year basis
The Greater Moncton REALTORS represents more than 550 realtors in Moncton, Dieppe and Riverview, as well as nearby communities in southeastern New Brunswick.
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