Courtesy Greater Moncton Realtors

After the past few years of tremendous fall market activity, the region saw a return to the historical average in October according to Greater Moncton Realtors.

Home sales totaled 271 units last month which is a steep decline of almost 38 percent year-over-year and well below the five-year average and slightly below the ten-year average.

So far this year, 3,220 homes have been sold and while it’s a 21 percent drop year-over-year, it’s still a record compared to the pre-pandemic era.

Greater Moncton Realtors President Mike Power said a slowdown in activity in our local market is underway but again when compared to pre-2019 this moderation of sales would have been considered the seasonal norm for this time of year.

“New listings are in line with what we would expect in a typical October and the number of available homes for buyers to choose from has nearly doubled since the lows of earlier this year. In fact, our local market conditions have returned to balanced for the first time since early 2018,” noted Power.

“Although the recently reported sales numbers may seem like the sky is falling, when put in context conditions in our region are not as bad you may have been led to believe.”

The overall MLS benchmark price for a home in October in Greater Moncton was $311,500 which is 14 percent higher year-over-year.