Upon reviewing the MLS® report for October published by the Canadian Real Estate Association it seems the Fredericton area residential real estate market may be moving towards a buyer's market.

October residential MLS® unit sales were down 36.5% from October 2007. This contrasts to the 11.3% reduction in the average sale price year-to-date in the Fredericton area.

Residential dollar volume was down 31.7 % resulting in an increase in the average sale price of 7.6% for October. This last number is consistent with the average price increase of 8.5% year-to-date for the Fredericton area.

In comparison, residential MLS® unit sales in New Brunswick were down 19.7% while Canada recorded 27% fewer residential MLS® unit sales than in October 2007.