Moncton Real Estate News
February 2015 Home Price Index slips
Fewer reported sales in the greater Moncton area may have influenced the February HPI. And perhaps one might fault the record February snowfall. Consider however the national MLS® HPI for January showed the HPI for greater Moncton also declined last month.
In comparison to February 2014 the Home Price Index declined the most in Riverview and Dieppe. The rural areas immediately surrounding Moncton, Dieppe and Riverview posted an increase in the HPI.
Given the high level of active residential listings, current market conditions favour buyers over sellers in the greater Moncton area. First time buyers are the most advantaged. Sellers moving away to areas in Canada with a growing HPI are at a disadvantage. Conversely buyers moving here from those growing HPI areas will find local conditions very attractive. Those who are selling then buying in similar real estate markets are neither at an advantage or a disadvantage.
You will find the MLS® Home Price Index for Canada at HomePriceIndex.ca
Please check back in early April for my March report.
For Moncton – Dieppe _ Riverview, housing units reported sold in February equaled last year. Perhaps all the snow in the last few weeks dampened the January 2015 surge in unit sales. Or perhaps the January surge was an anomaly. In either case the lackluster sale numbers cannot be attributed to the abundant supply of housing for sale. Buyers have more than enough listings from which to choose. As Buyers, Sellers and REALTORS® suffer the last three weeks of Winter, we will carry on towards the busiest real estate market of the year, SPRING!
At the end of March I’ll compare the first quarter to previous years.
If so, it’s never too early to gather information on the local real estate market. The old adage, “Plan Ahead”, applies here. There are many topics to consider when purchasing real estate in the greater Moncton area. Closing costs, energy costs, neighbourhoods, property tax assessments, representation, schools, utility costs and zoning by-laws are just a few areas.
My professional services include providing buyer clients with current, reliable information as well as sage advice about real estate in Westmorland, Kent and Albert counties. Whether it’s residential, recreational or commercial real estate that interests you, feel free to contact me with your questions about the area. You will be pleased with my rapid response. The information and advice I provide will help you make an informed housing choice. And I pledge to represent you with undivided loyalty during negotiations on a property.
Strong 2015 unit sales in Moncton
Housing units reported sold in Moncton kept the metro Moncton numbers in positive territory. Residential units reported sold in Dieppe and Riverview were about average. However it is early in the year so I’ll wait until the end of the first quarter before predicting a trend. On the subject of house prices, the January 2015 Home Price Index declined from January 2014. More on the Home Price Index here …
This will be the first full year for the Moncton area HPI.
The table below for January 2015 reveals the index to be lower than January 2014 in all major areas. Yes all areas declined from 12 months ago. Note however the home price index for the City of Moncton shows the smallest decline from last January. The City of Dieppe claims the highest home price index overall.
Buyers of new housing offered for sale in the City of #Moncton choose styles of housing that meet their finances and their needs. My graph below illustrates that in 2013 and 2014, semi-detached housing was chosen by two out of three Moncton new housing buyers.
Moncton house prices to remain flat in 2015.
Here is my forecast on the direction of the Moncton – Dieppe – Riverview housing market in 2015. Buyers will continue to have the advantage in the Moncton area real estate market due to the abundance of residential listings from which to choose. The number of offerings on the market will remain at an elevated level through out 2015. Again in 2015, unit sales will be reported at below average levels. When combined, these effects will dampen any prospect of housing-price gains in 2015. Savvy buyers will continue to take advantage of motivated sellers.
To summarize my forecast for the 2015 Moncton area real estate market in a single word:
Which styles of housing were most popular with Moncton home buyers in 2014?
My pie chart below reveals the answer.
Detached bungalow and two storey styles were very equal and chosen by over half of home buyers. The next most popular style was the semi-detached two storey dwelling followed by the detached raised ranch or split entry style. Multi level or split level designs edged out the traditional story and a half types. Less popular was the semi-detached split entry followed by the semi-detached bungalow style. (Note these charts include only freehold housing located in Moncton, Dieppe and Riverview.)
So how does all this compare with what’s currently available on the market? My second pie chart reveals a surplus of detached two storey and 1.5 storey styles. In the semi-detached category it appears there is a shortage of two storey types and a surplus of bungalow types.