Last month’s MLS statistical report shows home prices in Greater Moncton are continuing to rise at a historical level.
In February alone there were 299 units sold for a combined value of $77.6 million. Both were new highs for the region crushing statistics of the same period last year.
The MLS Home Price Index used to track the trends in prices calculated a benchmark of $247,200, increasing by 28% in February 2021 compared to February 2020.
However, the inventory is far lower than the demand, as just 287 houses were put on the market last month.
At the end of February there were just 584 properties on the market, the lowest recorded for the month since the 1990’s.
Based on the current inventory it would take two months to sell the current listings if the rate of sales activity continued, compared to the average of 11.7 months that is usually seen at this time of year.
If the number of properties don’t see a sharp increase prices will continue to rise at historic level.
The statistics represent realtors from Moncton, Dieppe and Riverview as well as nearby communities in South Eastern New Brunswick
