Your December Real Estate Update

Sales were up by 8% in November 2023 compared to the same month on the previous year

In November 2023, sales in the south-east region of N.B. experienced an impressive 8% growth compared to the same month last year. A total of 323 real properties changed hands during this period, reflecting a positive trend in the real estate market.

Despite a 10% decrease in the overall number of properties sold throughout the year (3,723 properties), the more significant highlight is a noteworthy 12% increase in the total property dollar volume for November. This suggests that while the quantity of sales may be lower, the value of the properties being transacted is on the rise.

The south-east region continues to grapple with a limited inventory of active properties for sale, with only 1,806 properties available at the end of November 2023. During the preceding month, 409 new listings were added to the MLS® Board, signaling a 7% growth compared to the same period last year. However, the overall number of new listings for the year is down by 9% compared to 2022, with a total of 5,688 properties listed for sale in 2023.

Despite these fluctuations, the list to sale ratio for November stood at 82%, showing only a slight 2-point decrease from the previous year. The year-to-date ratio is now at 73%, indicating a local market that remains favorable to sellers. The data suggests that while there may be fewer properties changing hands, the market is still robust, and property values are seeing positive growth.