#1 Moncton Real Estate Blog

Metro Moncton MLS® Residential Sales Year-to-date

Larry Estabrooks - Agent — Sun, 28 Feb 2010 19:27:00 GMT

My Metro Moncton Market Report for February 2010 includes Moncton, Dieppe & Riverview.

Below sales of existing residential and new construction are separated and I'm including a three month average to reduce fluctuations caused inconsistent reporting of sales as they occur. If you are unrepresented by a real estate licensee and are considering a residential housing purchase, why not call me to discuss your buying strategy? No obligation. I'm an independent real estate agent, licensed in New Brunswick, residing in Moncton.

Find me on the web at www.LarryEstabrooks.com

EXISTING ONLY

Unit sales of existing residential properties are up from last year.
The sale to list price ratio is up slightly.
And the average sale price is up by 5%.

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2010 182144 175786 97% 88 days 95

JAN-2010 170411 160205 94% 101 days 61

DEC-2009 169094 162580 96% 92 days 77

3 months 174760 167342 96 % 93 days 233

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2009 160484 153792 96% 81 days 79

JAN-2009 166618 158138 95% 100 days 45

DEC-2008 179362 168764 94% 103 days 53

3 months 167696 159380 95 % 93 days 177

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2008 171995 165010 96% 84 days 112

JAN-2008 166336 159833 96% 92 days 70

DEC-2007 158585 151879 96% 107 days 62

3 months 166964 160188 96 % 92 days 244

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2007 156019 150684 97% 72 days 108

JAN-2007 165534 158994 96% 83 days 79

DEC-2006 141702 135420 96% 81 days 61

3 months 155529 149577 96 % 78 days 248

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2006 142428 136797 96% 70 days 93

JAN-2006 139062 132421 95% 97 days 70

DEC-2005 139937 133904 96% 88 days 67

3 months 140678 134623 96 % 84 days 230

NEW ONLY

Unit sales of new homes are up year-to-date to a new record level.
The average days on market is higher than the last two years.
The average sale price is fairly stable for the three month period over the last three years.
Roughly one in four residential unit sales in the last three months were new construction.

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2010 177688 177739 100% 147 days 24

JAN-2010 160947 160378 100% 138 days 38

DEC-2009 170000 168596 99% 161 days 21

3 months 168078 167478 100 % 146 days 83

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2009 162369 161545 99% 144 days 26

JAN-2009 157176 157229 100% 133 days 17

DEC-2008 183064 181783 99% 93 days 28

3 months 169287 168493 100 % 121 days 71

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2008 153010 152869 100% 140 days 29

JAN-2008 180883 182093 101% 102 days 23

DEC-2007 172743 172048 100% 145 days 23

3 months 167609 167713 100 % 130 days 75

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2007 151243 151194 100% 118 days 37

JAN-2007 187275 183761 98% 137 days 24

DEC-2006 160894 160651 100% 98 days 16

3 months 164479 163310 99 % 120 days 77

Month Avg. List Price Avg. Sale Price Sale to List Price Avg. List Duration # Of Sales

FEB-2006 143056 141830 99% 136 days 34

JAN-2006 145572 146997 101% 155 days 18

DEC-2005 158813 156653 99% 155 days 15

3 months 147260 146537 100 % 145 days 67

Almost New on Treed Acre Plus Lot

Larry Estabrooks - Agent — Thu, 11 Feb 2010 00:38:00 GMT

Seeking to buy a two storey home with enough treed land for some privacy and located barely past city limits?
You owe it to yourself to check out this new listing on 31 Anabelle Crescent in Deer Run Estates.

First 2010 Metro Moncton Residential Real Estate Market Update

Larry Estabrooks - Agent — Mon, 01 Feb 2010 19:51:00 GMT

My Metro Moncton Market Report for January 2010 Includes Moncton, Dieppe & Riverview and separates sales of existing residential and new construction.

In addition I'm including the three month period to reduce fluctuations caused inconsistent reporting of sales when they occur.

Unit sales of existing homes are up from last year but not quite back to pre-recession levels.
The average days on market for a sold listing rose slightly.
The sale to list price ratio is up slightly.
And the average sale price is almost unchanged.

Existing only

Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales

JAN-2010 170411 160205 94% 101 days 61

DEC-2009 169094 162580 96% 92 days 77

NOV-2009 174790 168163 96% 91 days 76

3 months 171492 163886 96 % 94 days 214

Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales

JAN-2009 166618 158138 95% 100 days 45

DEC-2008 179362 168764 94% 103 days 53

NOV-2008 173292 165581 96% 78 days 62

3 months 173426 164542 95 % 93 days 160

Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales

JAN-2008 166336 159833 96% 92 days 70

DEC-2007 158585 151879 96% 107 days 62

NOV-2007 161626 155626 96% 73 days 97

3 months 162243 155897 96 % 88 days 229

Unit sales of new homes are up substantially over the three month period.
The average days on market is higher than the last two years.
The average sale price is lower, reflecting a significant increase in sales of semi-detached housing.

Note: Roughly one third of residential unit sales in the last three months were new construction.

New only

Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales

JAN-2010 160947 160378 100% 138 days 38

DEC-2009 170000 168596 99% 161 days 21

NOV-2009 152526 153167 100% 96 days 43

3 months 159261 159030 100 % 125 days 102

Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales

JAN-2009 157176 157229 100% 133 days 17

DEC-2008 183064 181783 99% 93 days 28

NOV-2008 173557 174221 100% 80 days 14

3 months 173349 172914 100 % 102 days 59

Month Average List Price Average Sale Price Sale to List Price Average List Duration # Of Sales

JAN-2008 180883 182093 101% 102 days 23

DEC-2007 172743 172048 100% 145 days 23

NOV-2007 155445 154293 99% 105 days 22

3 months 169900 169702 100 % 118 days 68

It's a great time to purchase residential housing. Why not call me to discuss your buying strategy? I'm an independent real estate agent, licensed in New Brunswick, residing in Moncton. I caution that average price information can be useful in establishing trends over time, but does not indicate actual prices in cities and towns comprised of widely divergent neighbourhoods and age of properties.

Find me on the web at www.LarryEstabrooks.com

December MLS® Residential Sales for Metro Moncton

Larry Estabrooks - Agent — Fri, 01 Jan 2010 19:39:00 GMT

Here's another graph I prepared to illustrate the monthly trend of residential unit sales in "metro" Moncton for the past three years. "Metro" Moncton consists of the City of Moncton, City of Dieppe and Town of Riverview. Keep in mind that 2007 was an all time record year for the number of residential units sold in "metro" Moncton.

The number of residential sales reported in December set an all time record for the month.
Total residential unit sales reported in 2009 were 10% lower than 2008 and 15.4 % behind 2007 (all time record year)

Have a question about local real estate? Feel free to contact me for an answer.

2010 Housing Bubble Talk is Nonsense in Moncton Area

Larry Estabrooks - Agent — Fri, 01 Jan 2010 17:55:00 GMT

Some say the Canadian housing market as a whole is beginning to overshoot its "fair value".

Apprehension of a housing bubble may indeed have merit in some Canadian real estate markets.

But the fact is that real estate markets are local, irrespective of common national influences like mortgage rates and lumber prices.

My analysis of the local Moncton area housing market indicates such bubble fears are unfounded here.

Some factors at play in other Canadian housing markets are not affecting our local housing market.
Our housing prices, roughly 50% of the "the Canadian housing market as a whole", did not retreat in this recession.
And there is no current evidence to indicate they might overshoot "fair value" in the near future.
The local housing market is on a solid, stable footing.

For 2010, here is a message to housing owners who live in a housing market that may have overshot its fair value. Sell high now and buy at more than fair prices in the Moncton area. And do it before interest rates begin to rise. Consider this: higher interest rates have less of an impact when applied to our local housing prices that are up to 50% lower than the high priced markets.

And my 2010 message to local first time buyers is to purchase before any rush that may result from rising mortgage interest rates.

November Residential Sales for Metro Moncton

Larry Estabrooks - Agent — Fri, 04 Dec 2009 00:44:00 GMT

I'm back with another graph to illustrate the monthly trend of residential unit sales in "metro" Moncton for the past three years. Keep in mind that 2007 was an all time record year for the number of residential units sold in "metro" Moncton. By the way "metro" Moncton consists of the City of Moncton, City of Dieppe and Town of Riverview. I have not included sales outside of the three municipalities.

The slide in residential unit sales began October 2008.

The number of residential sales reported this November was almost identical to 2007.

Year to date units sales are down 11.5% from 2008 and 16.9% from 2007

Have a question about real estate?
Want to know the difference between the Moncton, Dieppe and Riverview markets?
Feel free to contact me for an answer.

October Residential Sales for Metro Moncton

Larry Estabrooks - Agent — Tue, 03 Nov 2009 01:20:00 GMT

My chart below illustrates the monthly trend of residential unit sales in "metro' Moncton (City of Moncton, City of Dieppe and Town of Riverview).

The slide in residential unit sales began a year ago.
The number of sales this October was identical to last year.
New construction units made up a larger percentage of these sales.
The average sale price continues to advance.
Have a question about the real estate market? Feel free to contact me for an answer.

Metro Moncton real estate sales in September

Larry Estabrooks - Agent — Thu, 01 Oct 2009 08:32:00 GMT

I prepared the chart below to illustrate the monthly trend of residential unit sales in "metro' Moncton (Moncton - Dieppe - Riverview).

The third quarter of 2009 was much better than the first two. Low interest rates and stable prices are translating into activity in the real estate market.

Understanding the market trends is a valuable advantage in real estate.
Unrepresented? Need help with the real estate market? I'm available.

Metro Moncton real estate unit sales maintain momentum in August

Larry Estabrooks - Agent — Tue, 01 Sep 2009 11:37:00 GMT

I prepared the chart below to illustrate the monthly trend of residential unit sales in "metro' Moncton (Moncton - Dieppe - Riverview). The chart clearly shows the improvement in monthly sales beginning in July.

And here is another number worth noting. For the first time ever, in any month, the average sale price of a residential unit in metro Moncton exceeded $180,000.

When buying or selling real estate, understanding the market trends is a valuable advantage.
This month's market word is convergence.
Unrepresented? Need help with the real estate market? I'm available.

Metro Moncton real estate sales were stronger in July

Larry Estabrooks - Agent — Wed, 05 Aug 2009 23:35:00 GMT

My chart below illustrates that in the past two years the number of residential units sold in Moncton - Dieppe - Riverview typically trend lower in the month of July. However this July residential unit sales were just as strong as the last two years, which by the way were record years for July.

Average residential sale prices continue to rise and the number of active residential listings is actually lower than this time last year.

When buying or selling real estate, understanding the market trends is a valuable advantage.
This month's market word is convergence.
Unrepresented? Need help with the real estate market? I'm available.

Some new-to-Canada immigrants want homes with more land.

Larry Estabrooks - Agent — Sun, 19 Jul 2009 14:25:00 GMT

Although Statistics Canada reports that the majority of immigrants to Canada choose to live in MTV (Montreal - Toronto - Vancouver), not all wish to live in an urban setting.

Recently every new-to-Canada family I've been representing as their Buyer's agent have one requirement in common - more land than most city lots have to offer. These immigrant families want an acre at the very least and they want their residence to have some well developed trees. To them former a hayfield or cutover land is not appealing.

The natural beauty and privacy offered by many of our rural properties is a major reason why they are choosing to reside in the Moncton area.

In my judgment there is a growing contingent of former urbanite families immigrating to our area in order to live on more land and enjoy the unique quality of life our area offers. I'm very pleased to welcome them.

Canada Day 2009 - No fireworks this year in the Metro Moncton real estate market

Larry Estabrooks - Agent — Wed, 01 Jul 2009 14:45:00 GMT

2009 thus far has not been a banner year for the residential real estate market in "Metro" Moncton.

Total residential unit sales reported in the City of Moncton is down almost 28% year-to-date. Moncton's share of total unit sales in Metro year-to-date has shrunk to 59% from 64% for the same period in 2008.

However the number of reported sales in Dieppe stands out like a Roman candle. While overall the number of sales reported in metro are down almost 22%, unit sales in Dieppe are down a mere 8%. Of greater significance, reported sales of new construction units in Dieppe is up 32% year-to-date from 2008.

So real estate is rockin' and rollin' in Dieppe. If the rain holds off this evening I might take in the performance of The GTO Band at the Célébrations de la Fête du Canada / Canada Day Celebrations behind the Dieppe City Hall. Gimme that old time rock 'n' roll.

I've just prepared the graph below to illustrate the monthly units sales in Metro Moncton.

Should you own or rent your home

Larry Estabrooks - Agent — Wed, 24 Jun 2009 19:55:00 GMT

Owning your home is a long term strategy. Renting should be a short term strategy. In either case the payments should fit your budget. It's all about affordability and ideally you should not spend more than 30% of your total income on housing. If you like to crunch the numbers try the Rent or Buy Calculator at Canada's Office of Consumer Affairs web site.

Or if you would like to discuss your housing strategy with a real estate professional, I invite you to contact me. There is affordable housing in the Moncton area.

The chart below was prepared by Statistics Canada from the 2006 Census. In the Moncton Census Metropolitan Area 43.8% of renters are spending more than 30% of their total household income on shelter costs compared to only 13% of owners.

So, in the long term, in which group would you like to be?

Spring 2009 Rental Vacancy Rate Declines

Larry Estabrooks - Agent — Fri, 12 Jun 2009 13:25:00 GMT

I'm not surprised the Spring 2009 Rental Market Report by the Canada Mortgage and Housing Corporation reveals the vacancy rate in the Moncton CMA fell by 1.4 percentage points from last Spring to 4.1% this year. This vacancy rate decline occurred even though the rental universe grew by 1.3% from the Spring of 2008.

In my January post - Buyers Seem to be Waiting - I stated that buyers seemed to be waiting and renters were under no pressure to purchase. The year to date residential sales numbers seem to reflect this trend. Up until now it seems the First-Time Home Buyer Incentive announced in January's Federal Budget has not motivated many to leave their rental accommodations.

Below is a graphic from the CMHC report.

South-East New Brunswick Real Estate Market Report - May 2009

Larry Estabrooks - Agent — Thu, 11 Jun 2009 23:23:00 GMT

Real estate market information is important. I regularly discuss the numbers with my buyer and seller clients.

Unit sales of residential properties were down again in May, by 25% from 2008. The rest of the story is that the number of new listings coming on the market in May was down by 19% from last year. This resulted in a May sales to new listings ratio of 58%, which historically is a good number. The number of active residential listings at the end of May was almost identical to last year. Although sales have been consistently lower year to date, the number of active listings is not higher than last year.

So the current real estate market conditions are: typical number of listings from which to choose, no upward pressure on residential housing prices and lower monthly payments due to mortgage interest rates at historically low levels. In a nutshell, a balanced market that slightly favours buyers.

Here is a graph to illustrate residential sales year-to-date.

Moncton - A Demographic Portrait

Larry Estabrooks - Agent — Thu, 11 Jun 2009 21:59:00 GMT

Today I attended a very insightful presentation by Marc Melanson, Regional Advisor with Statistics Canada. Some of the topics covered included demographic characteristics of the population, such as immigration, age, language, labour force and mode of transportation to workplace, income and shelter costs. The main demographic changes observed between the 2001 and 2006 censuses were also highlighted.

I'll post a couple of the most interesting visuals when I receive a copy of the presentation.

Moncton CMA New Housing Starts May 2009

Larry Estabrooks - Agent — Wed, 10 Jun 2009 22:15:00 GMT

Total housing starts declined in the Moncton CMA by 40% from last May. Fredericton fell 55% while Saint John starts rose 30% in May. This brings the year to date housing starts in the Moncton CMA to 39% behind 2008. Fredericton is down 12.7% and Saint John is down just 2.3%.

Here are three charts I prepared to illustrate the year to end of May numbers supplied by the Canada Mortgage and Housing Corporation for the Saint John CMA, the Moncton CMA and the Fredericton CA.

Metro Moncton Real Estate Market Report - May 2009

Larry Estabrooks - Agent — Mon, 01 Jun 2009 02:19:00 GMT

Reported MLS® sales of existing residential properties are down in Moncton, Dieppe and Riverview.

Year to date unit sales of existing housing are now off 27% in Moncton (265), 18% in Dieppe (89) and 16% in Riverview (85).

The chart below shows the monthly gap in unit sales for all three municipalities with May sales widening even further.

Home By The Sea

Larry Estabrooks - Agent — Sun, 31 May 2009 14:01:00 GMT

I am representing the owners of this ocean view chalet in Grande-Digue, Kent County, New Brunswick which is listed for sale at $319,900 (now $299,000) on the Multiple Listing Service®. This impressive custom built residence is designed for year round living and offers many features not found in ordinary houses.

Find the full details at www.GrandeDigue.info.

View this video taken from the main floor patio:

http://blogmoncton.com/2009/05/31/home-by-the-sea.aspx

View this video taken from the bluff overlooking the private beach :

Moving to and from Moncton

Larry Estabrooks - Agent — Wed, 20 May 2009 18:43:00 GMT

Relocation trends for the Moncton Census Metropolitan Area

The busiest part of the 2009 relocation season is upon us. Some are leaving the local housing market and some are taking up residence here. I have many more clients arriving than leaving. As has been the trend in the last few years, from near and far, people are relocating to the Moncton area . Positive migration numbers have fueled population growth and the local housing market.

When Moncton achieved CMA status for the 2006 census, one of the benefits was more detailed population statistics. Statistics Canada shows that between 2001 and 2006 the largest area of net in migration occurred from areas not in census metropolitan area. In other words the largest and most positive net movement came from all the smaller centers. The next largest movement took place between Moncton and five other Census Metropolitan Areas. Here is a link to the stats.

Below is a graphical representation for the five most active CMAs showing the migration that took place between 2001 and 2006 . We gained more from Saint John but lost more to Halifax.