As posted by the Canadian Real Estate Association on its website, the latest data from the Real Estate Board of the Fredericton Area Inc. revealed that the May growth (which amounted to 266 units) accompanied a similar increase in the year-over-year performance of the first five months of the year, which rose by 10.9 per cent (a total of 837 units so far in 2016).
On the other hand, the number of new listings dropped by 15.9 per cent year-over-year, down to 481 units. As of the end of May, a total of 1,885 listings remained active on the Board’s MLS, a 6.8 per cent decline from a year ago. Inventory as of May 2016 stood at 7.1 months, below the 7.9 months level the year before.
The average price of a residential property in Fredericton grew by 15.8 per cent on a year-over-year basis last month, up to $208,115. The number of sales valued between $150,000 and $250,000 rose by 7.2 per cent year-over-year, while transactions in the $250,000-$350,000 range increased by 20.8 per cent year-over-year.
Compared to the same month last year, 10 more sales priced $350,000-$500,000 and 3 more deals valued above $500,000 transpired in May.
Total sales volume in Fredericton’s residential segment last May grew by 20.4 per cent year-over-year to $55.4 million.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Rossburn, Fielding, Bath, Middle Lake, Morpeth
Fredericton is on the rise as a desirable residential real estate destination, posting a noticeable 3.9 per cent year-over-year growth just last month and exceeding the five-year average for May.