• Tue. Sep 26th, 2023

    Home Sales in Brantford/Brant Area Increase in August

    ByJames Forsyth

    Sep 20, 2023
    Home Sales in Brantford/Brant Area Increase in August

    The number of home sales in the Brantford/Brant area has seen a positive trend, with an increase of 2.4% compared to the previous month and nearly 12% compared to the same month last year. This comes as a rebound after a slow July, which experienced a 22% drop in sales from the previous month.

    According to David DeDominicis, the president of the Brantford Regional Real Estate Association, the back-to-school season has prompted many families to turn their attention to the real estate market. He expects a strong fall market with more buyers and sellers entering the market after waiting for the outcome of the September bank rate increase.

    In August, a total of 171 homes were sold in the area. While the city saw an increase in sales, there was a 15% decrease in the county. At the end of the month, the market had 908 listings, which is similar to the previous year. The average number of days a property stayed on the market was 25, just two days more than the previous year. Sellers were able to achieve 98.7% of their list prices.

    The area currently has three months of inventory, similar to August 2022. The average sale price for a residence has also increased by 1.17%, reaching $700,484 last month. However, the average price for detached homes in Brantford is $669,600, while in Brant County, it’s $946,848, both slightly down compared to the previous year.

    The local real estate market has been gaining momentum throughout the year after a slow first quarter. One of the reasons for the area’s three months of inventory is that Brantford and Brant have been meeting or exceeding provincial goals for building new homes. This provides plenty of options for young families looking for their dream home or seniors looking to downsize.

    Overall, the Brantford/Brant area’s real estate market is showing signs of stability and growth, providing opportunities for both buyers and sellers.

    Source: West Brant Window World