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Home sales reached new records in the Greater Saint John region in 2019.
A total of 2,292 homes were sold from Sussex to St. Stephen, according to the Saint John Real Estate Board.
Sherry Sheldrick, the board’s president, said that edged the prior record-breaking year in 2007 by 15 units.
“It’s been an overall fantastic year,” said Sheldrick in an interview.
On a year-over-year basis, home sales in 2019 increased by 11 per cent compared to 2018 numbers.
Sheldrick credited a combination of things for the increase in home sales.
“Interest rates are all-time low, the economy overall is fairly strong, there’s a demand out both at the local level and we’ve seen some migration here from Central Canada, Western Canada,” she said.
Inventory levels in the Saint John region also remain very low, said Sheldrick.
There are 827 residential units on the market at the end of 2019, down 29.1 per cent from the end of 2018. This also marked the lowest level for the month in 16 years.
Sheldrick said if inventory levels remain low and demand remains the say, that will push the region more toward a seller’s market.
“We’re going to see even more multiple offer situations than what we’ve seen in 2019, which ultimately could potentially drive up the price growth,” she said.
If you are thinking of buying this year, Sheldrick said you may have to make quick decisions in order to get the home you want.
For anyone looking at selling their home, she suggests getting in contact with your realtor and having them give you a price on your home.
“You could potentially be selling your home fairly quickly,” Sheldrick said.
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