August was a quiet month for Greater Moncton real estate, and the number that actually matters is the drop compared to last August, not the dip from July. Sales usually cool off a bit this time of year, so a slower month on its own isn't much of a story. What is worth talking about is how this August stacked up against last August, because that comparison strips out the seasonal excuse.
Here's the short version. Sales were down both month over month and year over year, prices eased slightly, and homes sat on the market longer than they did in July. Nothing here points to a market in trouble, but it's a real shift from where things sat earlier in the summer.
255 homes sold across all residential properties in Greater Moncton in August. That's down 19.3% from July, but we wouldn't read too much into that one. Sales tend to drop off from July into August around here, so some of that was expected.
The year-over-year number tells a different story. We sold 46 fewer homes than we did last August, down 15.3%. When you're comparing the same month in two different years, the calendar can't take the blame.
Prices eased and homes took a little longer to sell
The average sale price came in at just over $374,000, down 2.5% from July and down 3.5% compared to a year ago. Median days on market moved up to 47.0, from 38.0 in July, so the typical home took about a week and a half longer to sell.
Inventory is creeping toward buyer's market territory
Months of inventory ticked up to 6.2 in August, from 4.9 in July. Once you get close to six months, you're heading toward buyer's market territory, so you'll probably hear that phrase come up.
One month doesn't tell you what kind of market you're in, though. Year to date, Greater Moncton is sitting at 4.9 months, and we've been right around that mark all year. We'd still call this a balanced market.
Detached homes account for most of the slowdown
There were 176 detached sales in August, down 24.1% from last August. That's 56 fewer homes than the same month a year ago, and it's where most of the citywide drop came from.
Compare that to the market-wide drop of 46 homes, and detached alone lost more sales than the entire market did. That means everything else combined actually gained a little ground.
Prices came down too. The average landed just under $380,000, off 3.7% from July. Median days on market for detached jumped to 47.0, from 35.0, and inventory is now sitting at 6.2 months. If you're shopping for a detached home right now, you've got more choice and more room to negotiate than you've had in a while.
By the way, we're Denise and Marc, a husband-and-wife real estate team here in Greater Moncton, New Brunswick with LPT Realty. Numbers like these are a big part of how we help people figure out the right time to make their move.
Semi-detached moved fast, apartments and townhouses stayed quiet
There were 49 semi-detached sales in August, up 48.5% from last August, with only 3.2 months of inventory. The average price came in at just over $383,000, down 2.6% from a year ago, and median days on market sat at 53.0. More activity in that segment, but buyers aren't paying more for it.
You may notice semi-detached averages edged above detached averages last month. We'd ignore that. On 49 sales, the average moves with whichever handful of homes happened to close, and we'll see what September looks like before making anything of it.
Townhouses and apartments accounted for 15 sales between them, 13 townhouses averaging right around $390,000 and 2 apartments. That's not enough volume to read much into.
What this means if you're buying or selling
If you're buying, especially on the detached side, you've got some breathing room right now. Conditions and inspections are back on the table in a way they weren't a year ago.
If you're selling, it comes down to your list price. Homes priced where buyers are actually paying are still moving, but the ones priced on what spring looked like are sitting, and most of those end up cutting anyway. Pricing it right from day one matters more than ever, so plan on a month and a half to two months rather than a couple of weeks.
That's where things stand for August. We'll be back with the September numbers next month. If you're wondering what any of this means for your own move, whether you're buying or selling, send us a message.
Here's the short version. Sales were down both month over month and year over year, prices eased slightly, and homes sat on the market longer than they did in July. Nothing here points to a market in trouble, but it's a real shift from where things sat earlier in the summer.
Sales dropped, but the July comparison isn't the one to worry about
255 homes sold across all residential properties in Greater Moncton in August. That's down 19.3% from July, but we wouldn't read too much into that one. Sales tend to drop off from July into August around here, so some of that was expected.
The year-over-year number tells a different story. We sold 46 fewer homes than we did last August, down 15.3%. When you're comparing the same month in two different years, the calendar can't take the blame.
Prices eased and homes took a little longer to sell
The average sale price came in at just over $374,000, down 2.5% from July and down 3.5% compared to a year ago. Median days on market moved up to 47.0, from 38.0 in July, so the typical home took about a week and a half longer to sell.
Inventory is creeping toward buyer's market territory
Months of inventory ticked up to 6.2 in August, from 4.9 in July. Once you get close to six months, you're heading toward buyer's market territory, so you'll probably hear that phrase come up.
One month doesn't tell you what kind of market you're in, though. Year to date, Greater Moncton is sitting at 4.9 months, and we've been right around that mark all year. We'd still call this a balanced market.
Detached homes account for most of the slowdown
There were 176 detached sales in August, down 24.1% from last August. That's 56 fewer homes than the same month a year ago, and it's where most of the citywide drop came from.
Compare that to the market-wide drop of 46 homes, and detached alone lost more sales than the entire market did. That means everything else combined actually gained a little ground.
Prices came down too. The average landed just under $380,000, off 3.7% from July. Median days on market for detached jumped to 47.0, from 35.0, and inventory is now sitting at 6.2 months. If you're shopping for a detached home right now, you've got more choice and more room to negotiate than you've had in a while.
By the way, we're Denise and Marc, a husband-and-wife real estate team here in Greater Moncton, New Brunswick with LPT Realty. Numbers like these are a big part of how we help people figure out the right time to make their move.
Semi-detached moved fast, apartments and townhouses stayed quiet
There were 49 semi-detached sales in August, up 48.5% from last August, with only 3.2 months of inventory. The average price came in at just over $383,000, down 2.6% from a year ago, and median days on market sat at 53.0. More activity in that segment, but buyers aren't paying more for it.
You may notice semi-detached averages edged above detached averages last month. We'd ignore that. On 49 sales, the average moves with whichever handful of homes happened to close, and we'll see what September looks like before making anything of it.
Townhouses and apartments accounted for 15 sales between them, 13 townhouses averaging right around $390,000 and 2 apartments. That's not enough volume to read much into.
What this means if you're buying or selling
If you're buying, especially on the detached side, you've got some breathing room right now. Conditions and inspections are back on the table in a way they weren't a year ago.
If you're selling, it comes down to your list price. Homes priced where buyers are actually paying are still moving, but the ones priced on what spring looked like are sitting, and most of those end up cutting anyway. Pricing it right from day one matters more than ever, so plan on a month and a half to two months rather than a couple of weeks.
That's where things stand for August. We'll be back with the September numbers next month. If you're wondering what any of this means for your own move, whether you're buying or selling, send us a message.
We talk through this exact kind of decision with people every week.