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Home sales rebound in Greater Moncton

By Brad Perry Sep 19, 2023 | 6:37 AM

Home sales rebounded across Greater Moncton during the month of August.

A total of 360 homes switched hands, according to figures from the Greater Moncton REALTORS.

That was a gain of nearly 16 per cent compared to the same period last year.

“Our local market is showing promising signs of strength, with year-over-year sales growth and typical seasonal patterns,” said president Devon Babineau.

Babineau said new listings posted their first year-over-year increase since January.

There were 447 new residential listings in August, a modest gain of 2.1 per cent.

Active residential listings numbered 1,020 units on the market at the end of August, down 10 per cent year over year.

Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 2.8, down from the long-run average of 6.3 months for this time of year.

Babineau noted that the benchmark price has seen year-over-year growth. The benchmark price for single-family homes was $344,800 in August, up 5.2 per cent on a year-over-year basis.

“This positive trend has shifted the market balance further into seller territory, reminiscent of levels observed from March to June earlier this year,” he said.

The Greater Moncton REALTORS represents more than 550 realtors in Moncton, Dieppe and Riverview, as well as nearby communities in southeastern New Brunswick.