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First 2010 Metro Moncton Residential Real Estate Market Update

My Metro Moncton Market Report for January 2010 Includes Moncton, Dieppe & Riverview and separates sales of existing residential and new construction.

In addition I'm including the three month period to reduce fluctuations caused inconsistent reporting of sales when they occur.

Unit sales of existing homes are up from last year but not quite back to pre-recession levels.
The average days on market for a sold listing rose slightly.
The sale to list price ratio is up slightly.
And the average sale price is almost unchanged.

Existing only
Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales
JAN-2010 170411 160205 94% 101 days 61
DEC-2009 169094 162580 96% 92 days 77
NOV-2009 174790 168163 96% 91 days 76
3 months 171492 163886 96 % 94 days 214
Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales
JAN-2009 166618 158138 95% 100 days 45
DEC-2008 179362 168764 94% 103 days 53
NOV-2008 173292 165581 96% 78 days 62
3 months 173426 164542 95 % 93 days 160
Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales
JAN-2008 166336 159833 96% 92 days 70
DEC-2007 158585 151879 96% 107 days 62
NOV-2007 161626 155626 96% 73 days 97
3 months 162243 155897 96 % 88 days 229

Unit sales of new homes are up substantially over the three month period.
The average days on market is higher than the last two years.
The average sale price is lower, reflecting a significant increase in sales of semi-detached housing.

Note: Roughly one third of residential unit sales in the last three months were new construction.

New only
Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales
JAN-2010 160947 160378 100% 138 days 38
DEC-2009 170000 168596 99% 161 days 21
NOV-2009 152526 153167 100% 96 days 43
3 months 159261 159030 100 % 125 days 102
Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales
JAN-2009 157176 157229 100% 133 days 17
DEC-2008 183064 181783 99% 93 days 28
NOV-2008 173557 174221 100% 80 days 14
3 months 173349 172914 100 % 102 days 59
Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales
JAN-2008 180883 182093 101% 102 days 23
DEC-2007 172743 172048 100% 145 days 23
NOV-2007 155445 154293 99% 105 days 22
3 months 169900 169702 100 % 118 days 68

It's a great time to purchase residential housing. Why not call me to discuss your buying strategy? I'm an independent real estate agent, licensed in New Brunswick, residing in Moncton. I caution that average price information can be useful in establishing trends over time, but does not indicate actual prices in cities and towns comprised of widely divergent neighbourhoods and age of properties.

Find me on the web at www.LarryEstabrooks.com

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Posted by Larry Estabrooks - Agent at 2/1/2010 3:51 PM | Add Comment

December MLS® Residential Sales for Metro Moncton

Here's  another graph I prepared to illustrate the monthly trend of residential unit sales in "metro" Moncton for the past three years. "Metro" Moncton consists of the City of Moncton, City of Dieppe and Town of Riverview. Keep in mind that 2007 was an all time record year for the number of residential units sold in "metro" Moncton.

  • The number of residential sales reported  in December set an all time record for the month.
  • Total residential unit sales reported in 2009 were 10% lower than 2008 and 15.4 % behind 2007 (all time record year)

Have a question about local real estate? Feel free to contact me for an answer.


 

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Posted by Larry Estabrooks - Agent at 1/1/2010 3:39 PM | Add Comment

2010 Housing Bubble Talk is Nonsense in Moncton Area

Some say the Canadian housing market as a whole is beginning to overshoot its "fair value".

Apprehension of a housing bubble may indeed have merit in some Canadian real estate markets.

But the fact is that real estate markets are local, irrespective of common national influences like mortgage rates and lumber prices.

My analysis of the local Moncton area housing market indicates such bubble fears are unfounded here.

  • Some factors at play in other Canadian housing markets are not affecting our local housing market.
  • Our housing prices, roughly 50% of the "the Canadian housing market as a whole", did not retreat in this recession.
  • And there is no current evidence to indicate they might overshoot "fair value" in the near future.
  • The local housing market is on a solid, stable footing.

For 2010, here is a message to housing owners who live in a housing market that may have overshot its fair value. Sell high now and buy at more than fair prices in the Moncton area. And do it before interest rates begin to rise. Consider this: higher interest rates have less of an impact when applied to our local housing prices that are up to 50% lower than the high priced markets.

And my 2010 message to local first time buyers is to purchase before any rush that may result from rising mortgage interest rates.

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Posted by Larry Estabrooks - Agent at 1/1/2010 1:55 PM | View Comments (6) | Add Comment

November Residential Sales for Metro Moncton

I'm back with another graph to illustrate the monthly trend of residential unit sales in "metro" Moncton for the past three years. Keep in mind that 2007 was an all time record year for the number of residential units sold in "metro" Moncton. By the way "metro" Moncton consists of the City of Moncton, City of Dieppe and Town of Riverview. I have not included sales outside of the three municipalities.

  • The slide in residential unit sales began October 2008.
  • The number of residential sales reported  this November was almost identical to 2007.
  • Year to date units sales are down 11.5% from 2008 and 16.9% from 2007

Have a question about real estate?
Want to know the difference between the Moncton, Dieppe and Riverview markets?
Feel free to contact me for an answer.

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Posted by Larry Estabrooks - Agent at 12/3/2009 8:44 PM | Add Comment

October Residential Sales for Metro Moncton

My chart below illustrates the monthly trend of residential unit sales in "metro' Moncton (City of Moncton, City of Dieppe and Town of Riverview).

  • The slide in residential unit sales began a year ago.
  • The number of sales this October was identical to last year.
  • New construction units made up a larger percentage of these sales. 
  • The average sale price continues to advance.
 Have a question about the real estate market? Feel free to contact me for an answer.





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Posted by Larry Estabrooks - Agent at 11/2/2009 9:20 PM | View Comments (1) | Add Comment

Metro Moncton real estate sales in September

I prepared the chart below to illustrate the monthly trend of residential unit sales in "metro' Moncton (Moncton - Dieppe - Riverview).

The third quarter of 2009 was much better than the first two. Low interest rates and stable prices are translating into activity in the real estate market.

Understanding the market trends is a valuable advantage in real estate.
Unrepresented? Need help with the real estate market? I'm available.



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Posted by Larry Estabrooks - Agent at 10/1/2009 4:32 AM | View Comments (1) | Add Comment

Metro Moncton real estate unit sales maintain momentum in August

I prepared the chart below to illustrate the monthly trend of residential unit sales in "metro' Moncton (Moncton - Dieppe - Riverview). The chart clearly shows the improvement in monthly sales beginning in July.

And here is another number worth noting. For the first time ever, in any month, the average sale price of a residential unit in metro Moncton exceeded $180,000.

When buying or selling real estate, understanding the market trends is a valuable advantage.
This month's market word is convergence.
Unrepresented? Need help with the real estate market? I'm available.


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Posted by Larry Estabrooks - Agent at 9/1/2009 7:37 AM | View Comments (1) | Add Comment

Metro Moncton real estate sales were stronger in July

My chart below illustrates that in the past two years the number of residential units sold in Moncton - Dieppe - Riverview typically trend lower in the month of July. However this July residential unit sales were just as strong as the last two years, which by the way were record years for July.

Average residential sale prices continue to rise and the number of active residential listings is actually lower than this time last year.

When buying or selling real estate, understanding the market trends is a valuable advantage.
This month's market word is convergence.
Unrepresented? Need help with the real estate market? I'm available.

 

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Posted by Larry Estabrooks - Agent at 8/5/2009 7:35 PM | Add Comment

Some new-to-Canada immigrants want homes with more land.

Although Statistics Canada reports that the majority of immigrants to Canada choose to live in MTV (Montreal - Toronto - Vancouver), not all wish to live in an urban setting.

Recently every new-to-Canada family I've been representing as their Buyer's agent have one requirement in common - more land than most city lots have to offer. These immigrant families want an acre at the very least and they want their residence to have some well developed trees. To them former a hayfield or cutover land is not appealing.

The natural beauty and privacy offered by many of our rural properties is a major reason why they are choosing to reside in the Moncton area.

In my judgment there is a growing contingent of former urbanite families immigrating to our area in order to live on more land and enjoy the unique quality of life our area offers. I'm very pleased to welcome them.  

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Posted by Larry Estabrooks - Agent at 7/19/2009 10:25 AM | Add Comment

Canada Day 2009 - No fireworks this year in the Metro Moncton real estate market

2009 thus far has not been a banner year for the residential real estate market in "Metro" Moncton. 

Total residential unit sales reported in the City of Moncton is down almost 28% year-to-date. Moncton's share of total unit sales in Metro year-to-date has shrunk to 59% from 64% for the same period in 2008.

However the number of reported sales in Dieppe stands out like a Roman candle. While overall the number of sales reported in metro are down almost 22%, unit sales in Dieppe are down a mere 8%. Of greater significance, reported sales of new construction units in Dieppe is up 32% year-to-date from 2008.

So real estate is rockin' and rollin' in Dieppe. If the rain holds off this evening I might take in the performance of The GTO Band at the Célébrations de la Fête du Canada / Canada Day Celebrations behind the Dieppe City Hall. Gimme that old time rock 'n' roll.

I've just prepared the graph below to illustrate the monthly units sales in Metro Moncton.

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Posted by Larry Estabrooks - Agent at 7/1/2009 10:45 AM | View Comments (2) | Add Comment
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