Residence gross sales within the better Moncton space are slowing and costs are rising dramatically
MONCTON – The blistering pace of home sales slowed in the greater Moncton area last month, according to industry data, but sales were still well above average in July.
Home sales were down 14 percent year-over-year, with 422 units sold, but nine percent above the five-year average and 35 percent above the ten-year average.
In the year to date, home sales have reached a record 2,720 units – a strong increase of almost 40 percent compared to the same period in 2020.
Ryan Davison, president of Greater Moncton Realtors, says the market usually cools in the summer months when many people are on vacation.
“So if you look at the months of July and August, we see a lot of trips to and from the province to see family and loved ones elsewhere.”
Davison says travel might be especially true this summer as loved ones reunite after the split due to pandemic restrictions.
Home prices have increased dramatically year over year, with the reference price for single family homes increasing nearly 40 percent to $ 282,200, a 34 percent increase for townhouses to $ 167,700, and a 39 percent increase for apartments to $ 228,500 Dollar has gone up.
Davison believes there is a continuing factor in the sharp increases.
“A lot is being driven by the fact that we still have a low inventory of homes and Greater Moncton is still a very sellers’ market.”
Allan Dearing is a reporter at 91.9 The Bend in Moncton, a huddle content partner.