Despite the lack of new home listings, Greater Moncton still had the second-best January in history for home sales.
Monthly statistics show the number of homes sold last month totalled 211 units which was a decline year-over-year but still above long-term averages.
The number of new listings was down by almost 25 percent year-over-year which was the lowest in January in more than 15 years.
“Home sales may have declined from last year’s astronomical January but remained above 200 for only the second time in history for this month,” said Ryan Davison, president of Greater Moncton Realtors.
“On the supply side, new listings came in well below average to start the year and this means that the overall level of inventory was down by an even greater margin at the end of January compared to the previous month.
With little relief in sight for the market balance, we will be monitoring the situation very closely as the traditionally busy spring buying season approaches.”
The overall MLS Home Price Index (HPI) composite benchmark price for a home in the region was $306,500 in January which was a 37.6 percent jump year-over-year.
In a breakdown of communities year-over-year, the overall MLS Home Price Index (HPI) composite benchmark price for a home climbed the highest in Riverview with a 40.6 percent hike at $298,000 followed by Moncton with a 40.1 percent jump at $302,500 and Dieppe with a 37.4 percent increase at $365,200.
