New Brunswick Real Estate Snapshot – June 2023
In June 2023, New Brunswick’s real estate market saw significant shifts in home sales, pricing, and listings:
Sales Dynamics: The month registered 1,012 home sales, marking a sharp 19.4% drop from June 2022. These sales were 13% lower than the five-year average, but consistent with the 10-year average for June. Year-to-date sales over the first half of 2023 accounted for 4,527 units, reflecting a 21.8% drop from the prior year. Notably, all areas of the province experienced sales declines: Fredericton (-7.7%), Northern and Valley Regions (-17.7%), Greater Moncton (-20.1%), and Saint John (-30.9%).
Pricing Insights: The MLS® Home Price Index (HPI) cited a composite benchmark price of $286,500 for June 2023, down 3.7% from 2022. Breaking it down, single-family homes had a benchmark of $287,500, townhouse/row units stood at $248,900, and apartments at $255,900 — all experiencing declines from the previous year. Yet, the average sale price showcased resilience, reaching $316,231, a 7.1% increase from June 2022.
Market Activity: The total sales value in June 2023 amounted to $320 million, down 13.7% from June 2022. The market saw 1,367 new listings, a 30.4% year-over-year drop and the lowest June addition in over 15 years. Active listings decreased to 2,748 units by month-end, a 9.5% reduction from 2022 and the lowest in over two decades for June.
Inventory Analysis: The month closed with an inventory sufficient for 2.7 months at the current sales pace, slightly up from 2.4 months in June 2022 but still below the long-term 6.4-month average.
For a deeper analysis, visit the New Brunswick Real Estate Board's official website