Greater Moncton’s Real Estate’s Record Roar

Source – creastats.crea.ca

  • “…Ryan Davison, President of the Greater Moncton REALTORS® du Grand Moncton. “Once again the number of newly listed properties last month was insufficient to keep up with the insatiable demand of buyers. Subsequently, overall inventory has depleted to levels not seen in over 30 years. As a direct consequence, prices have continued to rise, pushing average prices and the MLS® HPI Composite Benchmark price above the $300K mark for the first time. There is currently no indication of a slowdown in market activity and it is reasonable to expect that the current conditions will persist well into the new year.”

Greater Moncton MLS® home sales set new annual record in 2021

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The number of homes sold through the MLS® System of the Greater Moncton REALTORS® du Grand Moncton totaled 252 units in December 2021. This was a small gain of 1.2% (three sales) from December 2020 but nonetheless still enough to set a new sales record for the month of December.

Home sales were 29.2% above the five-year average and 60.3% above the 10-year average for the month of December.

On an annual basis, home sales totaled a record 4,551 units over the course of 2021. This increased by 18.8% from the same period in 2020.

“To cap off an already extraordinary year, December was another record-setting month for MLS® home sales in Greater Moncton,” said Ryan Davison, President of the Greater Moncton REALTORS® du Grand Moncton. “Once again the number of newly listed properties last month was insufficient to keep up with the insatiable demand of buyers. Subsequently, overall inventory has depleted to levels not seen in over 30 years. As a direct consequence, prices have continued to rise, pushing average prices and the MLS® HPI Composite Benchmark price above the $300K mark for the first time. There is currently no indication of a slowdown in market activity and it is reasonable to expect that the current conditions will persist well into the new year.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $302,400 in December 2021, advancing 38% compared to December 2020.

The benchmark price for single-family homes was $306,100, up sharply by 38.3% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $177,400, a significant increase of 34.6% compared to a year earlier, while the benchmark apartment rose 22.3% to $230,000.

While the use of average price information can be useful in establishing trends when applied over a period of time, i.e., six months or longer, the Greater Moncton REALTORS® du Grand Moncton cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

The dollar value of all home sales in December 2021 was $79.9 million, a substantial increase of 40.8% from the same month in 2020. This was also a new record for the month of December.

The number of new listings declined by 16.1% from December 2020. There were 156 new residential listings in December 2021.

New listings were 2.3% below the five-year average and 8.9% below the 10-year average for the month of December.

Active residential listings numbered 406 units on the market at the end of December, a substantial reduction of 37.6% from the end of December 2020. Active listings haven’t been this low in the month of December in more than three decades.

Active listings were 62% below the five-year average and 73.6% below the 10-year average for the month of December.

Months of inventory numbered 1.6 at the end of December 2021, down from the 2.6 months recorded at the end of December 2020 and below the long-run average of 11.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

MLS® Home Price Index / Percentage change vs.
Semi-Detached BenchmarkDecember 20211 month ago3 months ago6 months ago1 year ago3 years ago5 years ago
Greater Moncton$286,1005.395.9715.7644.1382.1595.76
Dieppe$274,9004.275.4113.8141.4877.9989.17
Moncton$290,1005.626.0516.9245.4284.0398.48
Riverview$330,6007.057.3014.7743.5782.0595.21
MLS® Home Price Index / Percentage change vs.
Single Family Detached BenchmarkDecember 20211 month ago3 months ago6 months ago1 year ago3 years ago5 years ago
Greater Moncton$315,5002.745.1912.9837.4878.5597.50
Dieppe$413,4001.023.539.3037.2582.9694.83
Moncton$311,6003.894.9212.6042.7879.0094.73
Outside$274,9002.426.8016.9434.2276.35104.04
Riverview$294,9002.553.859.0136.0078.5592.86
Rural Routes$328,2002.413.9010.2232.1476.4493.31
MLS® Home Price Index / Percentage change vs.
Composite BenchmarkDecember 20211 month ago3 months ago6 months ago1 year ago3 years ago5 years ago
Greater Moncton$302,4002.975.2512.8838.0280.0897.84
Dieppe$357,3001.593.919.8536.2079.4989.55
Moncton$298,3004.015.0312.5741.9581.4397.29
Outside$273,0002.406.7216.6934.5477.15105.15
Riverview$290,3002.994.5710.5638.5983.6995.38
Rural Routes$327,9002.453.9410.2332.1576.6293.54

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