Moncton Housing Market In August 2023
Have you been eyeing the Moncton housing scene lately? If you have, you might have noticed that the prices have been on a roller coaster ride, especially in recent years. Let's dive deep and figure out the current scenario.
Imagine scrolling through realtor.ca, sipping your coffee, and suddenly a listing makes you double-take. Why? Well, its selling price has jumped from a modest $147,500 in 2009 to a whopping $299,500 in 2023. That's almost doubled in just four years! Sounds like something out of a real estate fairy tale, right?
You might want to sit down if you think that's an outlier. Many such listings are popping up within a similar price bracket. It's not just you; many locals are scratching their heads, trying to guess how long these properties will stay on the market. Will they sell for more or less than the asking price?
A glimpse around the neighborhood and it's easy to spot "for sale" signs turning to "sold" in what feels like the blink of an eye. Don't believe me? Check out this site. The listings and their selling prices might surprise you!
One might argue that the frenzy of overbidding is simmering down. Yet, the values of the houses tell a different story. With residents from regions like Ontario able to pay in cash, interest rates hardly seem to faze them. Good for them? Absolutely. But spare a thought for the locals who are now finding it harder than ever to own a home.
Now, let's hear from an insider. A Realtor®️ from Greater Moncton shared that homes priced under the 300-350k bracket are selling like hotcakes. Some properties get multiple offers within a day or two of being listed. As to whether these offers exceed the asking price, well, that's anyone's guess. But one thing is clear; it's a seller's market out there!
Head over to Moncton North, and it's evident that duplexes valued at around $140-150k in 2018 are now closing at nearly $300k. And the "sold" sign? It's up before you know it! Moncton's housing market seems pretty heated, with properties flying off the listings.
Did you know? Moncton is now the fastest-growing metropolitan area in Canada. This fact alone emphasizes the housing market's supply-demand tug of war. High-density residential developments are sprouting around, focusing significantly on the downtown core. But if you're aiming for the crème de la crème locales, be ready to shell out more.
Pundits believe that the Moncton market won't be cooling down soon. The demand is surging, and even if the growth isn't as rapid, a steady 5% annual rise seems inevitable.
However, a word of caution for potential buyers: Always watch for the listed prices. Many houses are tagged below the expected price, hoping to ignite a bidding war. So, when you're budgeting, it might be wise to add an extra 40k or so to the sticker price to be safe.
And, of course, always, always consult a trusted realtor. They'll provide invaluable insights and might even have a scoop on whether a listing's price is realistic or just wishful thinking. Remember, the listed price may not always reflect the final deal.
In conclusion, while the Moncton housing market remains heated, it is essential to navigate it with caution and thorough research. As prices surge and properties sell at record speeds, prospective buyers should arm themselves with knowledge and the guidance of real estate professionals.