NB Real Estate Market Update

The synopsis for September is the same as my May report
"The number of sales recorded continues to be lower than the same period last year. "

The report from each real estate board puts their own spin on the September numbers:

• Fredericton
• Moncton
• Saint John

The New Brunswick Real Estate Association headlines with "Average prices climbs to new September record" All these reports offer the observation that "Consumer confidence continues to improve". But the fact is sales activity has not yet recovered in the Province.

The strongest unit sales year-to-date have been reported in the Moncton area while the Fredericton area trails the three major Provincial centers.

Camp or Cottage for $10,900

This camp or cottage on the New Ireland Road in Albert County is listed on MLS® for only $10,900. Located on a paved year round road it's a great four season getaway. At this price it does need some work. There are two structures on the property. Find more pictures at www.rural4sale.com

Private beach on the Northumberland Strait - Grande-Digue - Kent County - New Brunswick - Canada

View of the sea from this four season chalet in Grande Digue - NB

Northumberland Strait or Bay of Fundy?

In a corner of New Brunswick there are two totally different seaside experiences within a mere one hour drive.

The upper Bay of Fundy boast the most dramatic vertical tidal swings in the world, fifty feet or more, as the tide funnells between the coast of New Brunswick and the coast of Nova Scotia. The waters of the Bay of Fundy are deep and cold. It's a rugged coast with stunning views and bathing in the water is not for the timid.

The waters of the Northumberland Strait are shallow between the coast of New Brunswick and the Coast of Prince Edward Island. The tidal range of two to six feet allow the sun to warm the shallow sea water which in summer is the warmest on the East coast, North of the Carolinas. The beaches are broad and sandy though in some areas are irregular with fingers of soft sandstone jutting towards the water.

I am representing the owners of a seaside chalet in Grande-Digue, Kent County, New Brunswick which is listed for sale at $319,900 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.

Here is a video of the private beach.

New Brunswick Real Estate Market Update

The number of sales recorded continues to be lower than the same period last year.

Real Estate Board of Fredericton Area

• Apr-2009 - Units Sold: 258 - Volume Sold: $ 39,795,725.00
• Apr-2008 - Units Sold: 280 - Volume Sold: $ 43,539,584.16

Greater Moncton Real Estate Board

• Apr-2009 - Units Sold: 217 - Volume Sold: $ 29,742,648.00
• Apr-2008 - Units Sold: 293 - Volume Sold: $ 39,564,020.00

Saint John Real Estate Board

• Apr-2009 - Units Sold: 196 - Volume Sold: $ 30,572,151.28
• Apr-2008 - Units Sold: 224 - Volume Sold: $ 33,468,254.87

Northern New Brunswick Real Estate Board

• Apr-2009 - Units Sold: 46 - Volume Sold: $ 4,145,215.00
• Apr-2008 - Units Sold: 41 - Volume Sold: $ 2,960,430.00

Valley Real Estate Board

• Apr-2009 - Units Sold: 12 - Volume Sold: $ 1,205,500.00
• Apr-2008 - Units Sold: 14 - Volume Sold: $ 1,004,400.00

March 2009 - Declining Unit Sales Again? YES and NO!

Surprise!
The double digit percentage year over year decline in unit sales stopped in March.
Comparing MLS® unit sales recorded this March with last:

• Fredericton posted an 8% gain
• Moncton posted a 3.7 % decline
• Saint John posted a 7% decline

First quarter 2009 unit sales in New Brunswick are still down in the 15% range from 2008 due much lower unit sales in January and February. And first quarter 2009 unit sales are off 29% from the all time record high recorded in the first quarter of 2007.

Will March 2009 go down as a turning point in the New Brunswick real estate market? Stop back later in the year for the answer.

New Brunswick Housing Starts - January 2009

Information just released by the Canada Mortgage and Housing Corporation indicate that total housing starts declined in New Brunswick's urban centres in January.

• The Saint John CMA (- 24%) recorded the most total starts for January.
  
• The Moncton CMA (- 36%) fared slightly worse than New Brunswick as a whole ( - 33%) but better than Canada as a whole (- 40%).
  
• Fredericton (- 38%) recorded the most single family detached starts of all the urban centres.

Was it our colder than normal January or the global economic uncertainty effecting our housing starts?

As the weather and our construction season heats up, will our housing starts rebound?

Time will tell.

I'm an independent real estate agent, licensed in New Brunswick, residing in Moncton. Contact me for answers to any of your real estate questions.