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  • Writer's pictureJose Gustavo Salcedo

Moncton Real Estate: A Seller's Market Forecasted for 2024

Moncton Real Estate: A Seller's Market Forecasted for 2024

In the realm of Moncton's real estate, 2024 is shaping up to be a promising year for sellers, according to local experts. Natalie Davison, a seasoned Moncton-based realtor, reveals that the current inventory is at its lowest point in the past 12 months. This, combined with predictions of dropping interest rates later in the year, sets the stage for what she anticipates as a robust seller's market.

Key Points:

1.    Low Inventory and High Demand:

  • Davison notes a significant dip in inventory levels, contributing to the prospect of a seller's market. High demand, coupled with limited listings, is a recipe for rising home prices.

2.    Interest Rate Drop Anticipation:

  • Financial experts foresee a decline in interest rates later in the year. According to Davison, this is a catalyst for increased demand and reinforces the projection of a seller's market in Greater Moncton for the upcoming year.

3.    Insights from Real Estate Leaders:

  • Mike Power, the incoming chair of the New Brunswick Real Estate Board, shares the sentiment. Despite overall volumes being slightly lower than the previous year, he believes 2024 will favor sellers. Power emphasizes that while demand remains high, historically low inventory makes sellers less aggressive.

4.    Affordability Boost:

  • Realtor Mandeep Singh highlights the potential dip in interest rates in the late second quarter. This, he explains, will enhance affordability for buyers, likely fueling the already high demand in the market.

5.    Buyer Demographics:

  • Singh points out that newcomers are gravitating towards semi-detached homes, while investors from Ontario and British Columbia are eyeing income properties. The diversity in buyer demographics reflects the region's attractiveness to various groups.

6.    Impact of Previous Market Dynamics:

  • Singh acknowledges the intense market conditions during the COVID era, with interest rates below two percent. Although the current market may not reach those extremes, Singh suggests that the anticipated interest rate drop will contribute to increased activity.

7.    Continued Immigration and Buyer Presence:

  • Mike Power observes a strong influx of people into the Moncton area, particularly through immigration. Despite the ongoing trend, Natalie Davison notes that the sense of urgency among buyers has eased compared to previous years.

In summary, Moncton's real estate landscape in 2024 is poised to be favorable for sellers. The combination of low inventory, expected interest rate drops, and continued buyer interest paints a picture of a market where sellers may find advantageous conditions. As we navigate through the year, the real estate dynamics in Greater Moncton will undoubtedly be a focal point of interest for both industry professionals and prospective buyers.

Moncton Real Estate: A Seller's Market Forecasted for 2024


Source From: Wealth Professional

Adapted by Jose Gustavo


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