The number of homes sold in the region was down by 14.5 percent in March compared to the same month last year according to Greater Moncton Realtors.

A total of 296 units were sold which was 6.7 percent below the five-year average yet 12.7 percent above the ten-year average.

“We continued to experience robust market activity in our region during the month of March. Although the stats show that sales are down from the same month in 2021 and 2022, the spring market is off to a solid start. Sales posted the third highest total in history for this month and showed no signs of slowing down,” said Mike Power, President of Greater Moncton Realtors.

Power said the number of newly listed properties continues to remain below long-term averages.

As a result, overall inventory maintained a level just below 800 available homes for the third consecutive month.

“With so few properties available to purchase, the market balance moved further into seller’s territory. Upwards price pressure is starting to build as we move into a traditionally busy time of year,” added Power.

The overall MLS HPI (Home Price Index) composite benchmark price in Greater Moncton was $311,400 last month, a decline of 3.7 percent from March 2022 but up 2.0 percent from February.