Your February Real Estate Update

Sales were up by 11% in January 2024 compared to the previous year

In the bustling real estate landscape of January 2024, the south-east region of N.B. witnessed a
remarkable surge in sales activity, marking a notable 11% increase compared to the corresponding
period of the previous year. A total of 245 real properties changed hands during this month alone,
signifying a substantial uptick in market momentum. Impressively, this surge in sales extended beyond
mere transaction volume, manifesting in a striking 31% surge in the cumulative dollar value of
properties sold.

Delving deeper into the market dynamics, the average value of homes in south-east New Brunswick
during January 2024 stood impressively at $331,085, accompanied by an average listing duration of 58
days. Such figures underscore the region's enduring appeal and robust demand, reflected in the
relatively brisk turnover of properties.

However, amidst this fervent buying activity, a noticeable trend emerges – a scarcity of available
properties for sale. With only 1,632 properties listed for sale by the month's end, the market grapples
with a pronounced shortage, further accentuated by a comparatively modest influx of new listings.
Notably, January saw a total of 403 new properties listed, marking a notable 19% increase from the
previous year. This upward trajectory in new listings portends a promising trend, albeit one tempered by
the overarching scarcity of available inventory.

Moreover, the list-to-sale ratio for January 2024 stood at 77%, a marginal decrease of just 1 point
compared to the preceding year. This metric offers a glimpse into the evolving dynamics of the local
market, signaling a gradual transition towards greater equilibrium between supply and demand. Indeed,
such nuanced shifts suggest a maturing market landscape, characterized by a more balanced interplay of
buyer and seller interests.