Sales were up by 15% in October 2023 compared to the previous year
In October 2023, there was a notable surge in sales, with a 15% increase compared to the same period the previous year. A total of 363 real properties changed hands in the South-East region of N.B. during that month, marking a significant upturn in market activity.
However, when we consider the entirety of the year, a contrasting trend emerges. So far in 2023, there have been 3,405 properties sold at the MLS Board, representing an 11% decrease in the number of properties sold compared to the previous year. What's intriguing is the 31% increase in the total dollar volume of these properties sold for the same month. This suggests that while fewer properties are changing hands, their values have seen a substantial increase.
One notable feature of the market is the persistently limited number of active properties available for sale. By the end of October 2023, there were only 1,935 properties listed for sale in the region. This scarcity of available properties may be contributing to the increase in property values.
During the previous month, 506 new listings were recorded at the MLS® Board, reflecting a modest 1% increase compared to the same period the previous year. However, when we analyze the total number of new listings for the year, there is a decline of 10% compared to 2022. So far in 2023, a total of 5,275 properties have been listed for sale, which indicates a more cautious approach by sellers in the current market.
In terms of the list-to-sale ratio, October 2023 witnessed a notable increase to 86%, a 16-point difference from the previous year. For the year as a whole, the ratio stands at 72%, signaling a market that is gradually becoming more balanced. This shift could be due to a variety of factors, including the limited inventory and the changing dynamics in the real estate market.
In summary, while October 2023 saw a remarkable uptick in sales, the year as a whole has been characterized by a decrease in the number of properties sold. The limited inventory and changes in the list-to-sale ratio are indicative of a shifting local real estate market.
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