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Moncton Homes & Real Estate Guide

MonctonGuide.com is my newest website for consumers seeking guidance to the real estate market in Moncton, Dieppe, Riverview and the surrounding areas.
Consumers should fully understand the concept of agency representation before embarking on any journey through the jungle of our local real estate market.
Your journey will be safe and successful using the professional services of an experienced local expert like myself.
Please have a look at MonctonGuide.com and by all means contact me if you have any comments or questions.

Moncton City Real Estate Stats

• In October, new listings were up slightly and unit sales
  held steady.
• Year to date listings are up 4% and unit sales are up 15%.
• The 12 month average sale price is up in all areas of Moncton, particularly in Moncton West.

	October 2007 (single family detached)
	Listings		Sales		Average Sale Price
Moncton	Month	YTD	Month	YTD	Month	12 Month
Center	32	392	22	254	131,882	130,935
East	28	272	13	171	147,138	160,746
North	29	340	12	218	179,383	186,258
West	4	46	3	32	124,400	164,008
Total	93	1,050	50	675
	October 2006 (single family detached)
Center	30	363	18	226	116,300	125,033
East	14	260	11	141	198,953	157,512
North	23	349	20	200	161,858	175,224
West	3	39	0	20	0	134,187
Total	70	1,011	49	587

Moncton Real Estate Activity

Moncton city single family home sales are up 7.4% thus far this year to the end of May.

Compared to the same period in 2006, the 12 month
average sale price is advanced in all area except Moncton North.

(I caution that average price information can be
useful in establishing trends over time, but does not indicate actual prices in
Moncton which is comprised of widely divergent neighborhoods.)

	May 2007
	Listings		Sales		Sales/Listings Ratio %		Average Sale Price
Area	Mnth	YTD	Mnth	YTD	Mnth	YTD	Mnth	12 Mnth
Center	41	200	27	112	66	56	129,474	128,779
East	37	131	17	81	46	62	140,876	159,179
North	45	168	37	103	82	61	190,517	173,940
West	4	21	6	16	150	76	237,750	168,416
Total	127	520	87	312	68	60
	May 2006
Center	52	166	24	99	46	60	137,175	122,661
East	33	116	18	66	55	57	149,128	150,190
North	45	179	41	98	91	55	175,716	175,900
West	7	23	11	14	157	61	127,409	121,903
Total	135	484	94	277	69	57

Moncton real estate activity - 1st quarter - 2007

New listings are stable and unit sales are up 16% so the sales to listings ratio climbs higher.

That means 2007 is off to a positive start in the city of Moncton. Compared to the same period in 2006, the average sale price is unchanged in Moncton North and advancing in Moncton East and Moncton Center.

What's not to like

	March 2007
	Listings		Sales		Sales/Listings Ratio		Average Sale Price
Area	Mnth	YTD	Mnth	YTD	Mnth	YTD	Mnth	12 Mnth
MC	40	102	21	63	53%	62%	$140,405	$128,737
ME	24	66	18	46	75%	70%	$180,522	$161,419
MN	35	82	17	46	49%	56%	$179,409	$172,935
MW	3	8	2	6	67%	75%	$156,450	$137,004
Total	102	258	58	161	57%	62%
	March 2006
MC	35	88	19	59	54%	67%	$126,116	$121,387
ME	25	70	12	34	48%	49%	$165,008	$147,742
MN	44	90	16	43	36%	48%	$219,338	$173,883
MW	5	11	1	3	20%	27%	$169,000	$118,875
Total	109	259	48	139	44%	54%

Real Estate Assessment Debate

May I introduce some professional research and conclusion into the debate on so called skyrocketing property assessments? My searches of the MLS® database available to me as a member of the Greater Moncton Real Estate Board reveal the following information.

284 detached single family freehold properties in the City of Moncton were sold on MLS® in the second half of 2006. Analysing these 284 sales reveals that only 32 sold below their assessment. Of these 32, one was a former marijuana grow operation seized by the federal government, five were sold under power of sale, and three were estate sales. All these selling situations are not conducive to achieving a higher market sale price and in my opinion they should not be considered.

Thus, I will categorize 23 of these 284 sold properties as probably over assessed in 2006. My analysis also shows that of these 23 sales, thirteen sold for amounts within 5% of their assessed value. In the City of Moncton in the second half of 2006, assessments exceeded sale prices by more than 5% in a mere 10 of 284 sales. 252 sold for more than their assessments.

Now if anyone wants to fire off a skyrocket, guess how many of the 284 sold for more than 125% of their assessment.

Property tax revolt?

What's revolting is the local newspaper playing up to the demagoguery being spouted by disgruntled citizens.

If one wishes to reduce property taxes then one must reduce the spending! It's this tax warrant that keeps going up. The math is simple. Estimated spending for the year divided by the property assessment base equals the mil rate. If tax warrant spending stays the same and the assessment base goes up then the mile rate goes down and the property taxes stay the same. Got that?

And who sets these spending budgets? The municipal councils and local service districts the citizens elect. Grass roots governments. I didn't bother attending the public part of the Moncton City Council's budget presentation. But I'm not complaining.

However I do wonder if the disgruntled were at that meeting?

I also wonder if they are the same disgruntled that want a government rebate on their heating bill but won't spend some money on better insulation, windows or ventilation to lower their heating bill? But that's another blog.

Moncton Residential Real Estate Market Report for 2006

• In 2006, the number of residential sales was down slightly in the City of Moncton.
• Sales were lower in all areas except Moncton North.
• Average sale prices were up in all areas.
• Moncton North continued to record the highest 12 month average sale price.
• Moncton West recorded the largest average sale price increase over 2005.
• The sales to listing ratio dropped in all areas in 2006.
• While still a healthy overall ratio, it indicates a trend towards a more balanced market.

I caution that average price information can be useful in establishing trends over time, but does not indicate actual prices in areas comprised of widely divergent neighborhoods.

	December 2006
	Listings		Sales		Sales/Listngs Ratio		Average Sale Price
Area	Dec	YTD	Dec	YTD	Dec	YTD	Dec	12 Month
MC	14	413	14	254	100%	62%	$112,543	$126,612
ME	11	292	10	163	91%	56%	$157,050	$157,801
MN	19	392	8	231	42%	59%	$179,431	$175,471
MW	2	43	1	22	50%	51%	$120,900	$133,877
Total	46	1,139	33	670		59%
	December 2005
MC	14	429	14	270	100%	63%	$118,068	$120,937
ME	10	288	19	196	190%	68%	$157,416	$150,464
MN	11	351	7	218	64%	62%	$186,500	$169,138
MW	0	45	0	29	0	64%	0	$117,767
Total	35	1,113	40	713		64%