OTTAWA, July 17 /CNW Telbec/ - The real estate market in New Brunswick
defied national trends in June, posting records for increased MLS(R) sales and
average price. There were 1,046 properties sold in June through the Multiple
Listing Service(R) of the real estate Boards and Associations in the province,
a two per cent increase from the number sold in June 2007, when the previous
record was set. The total value of those MLS(R) sales in New Brunswick in June
hit $154.9 million, also a monthly record. That represents a 9 per cent
increase from total MLS(R) sales in June 2007.
Nationally, the number of properties sold through MLS(R) in June in major
markets declined 15 per cent compared to the same month a year ago to 30,751
units, with a total value of $10.49 billion.
Residential property sales processed through the Multiple Listing
Service(R) in New Brunswick also set records in June. There were a total of
923 residential properties sold, with a total value of $145.3 million. This
represents a 12 per cent increase in the value of residential property sales
compared to June 2007, when the previous record was set. Sales activity in
both Saint John and Fredericton helped push the monthly totals to these record
levels in June.
"The statistics show the benefit we have with affordable housing prices
and continued consumer confidence in our provincial economy" says the
President of the New Brunswick Real Estate Association, Dwayne Hayes. "The
real estate market is also staying close to a balanced position for buyers and
sellers, because the number of active listings at the end of June also
increased compared to last year."
There were 5,122 active MLS(R) residential listings in New Brunswick at
the end of June, an increase of six per cent compared to the number of active
listings at the end of June 2007. There were 1,435 new listings added during
the month, with the biggest increase in new listings reported in the
Saint John area.
The average MLS(R) residential price in New Brunswick in June was
$157,505, up 10 per cent compared to the average price in June 2007. This was
also contrary to the national trend, where the national MLS(R) average
residential price slipped by 0.4 per cent in June, compared to the same month
the previous year.
"Based on what has happened so far this year, we are on track to match or
beat the 2007 records for real estate sales in the province" Association
President Dwayne Hayes explains, "and it is happening without unreasonable
increases in prices. This is because in addition to the sales levels, there is
also an increase in the number of active listings in most markets. That means
buyers have options. It also means sellers should be discussing pricing
strategies with their REALTOR(R) to ensure that they set an asking price that
is right for this market."
In the first six months of 2008, MLS(R) sales in New Brunswick totaled
$634 million, a decline of 0.8 per cent compared to total property sales in
the first half of 2007. Sales this year were below previous record levels in
February and March, attributed in part to weather conditions. Total MLS(R)
residential sales In New Brunswick in the first half of 2008 were valued at
$593.4 million, a decline of 0.7 per cent from the same period a year ago.
The New Brunswick Real Estate Association represents over 1,000 agents,
salespeople and affiliate members throughout the province. NBREA serves its
members through a wide variety of educational programs, publications and
special services. The association also provides all real estate licensing
courses in the province. REALTOR(R) is a trademark, which identifies real
estate professionals who are members of the Canadian Real Estate Association
and, as such, subscribe to a high standard of professional service and to a
strict code of ethics.
Please note the statistics quoted in this report do not include those of
the Valley Real Estate Board in northeastern New Brunswick. The average price
information quoted can be useful in establishing trends over time, but does
not indicate actual prices in centres comprised of widely divergent
neighborhoods, or account for price differentials between geographical areas.
For further information:
For further information: Jamie Ryan, Executive Director, New Brunswick
Real Estate Association, (506) 459-8055, Fax: (506) 459-8057, firstname.lastname@example.org