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The local real estate market showed some surprising changes in October compared to the same time last year, said the president of the Brantford Regional Real Estate Association.
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A total of 144 homes were sold last month, an increase of just over 24 per cent compared to October 2022 with 116 sales. This is also an 11.6 per cent increase from September, with homes sold in Brantford increasing 18.3 per cent and those in the County of Brant declining by 9.6 per cent.
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The Brantford-Brant market had 1,036 listings in total supply at month’s end, up significantly from 883 in October 2022. The total inventory includes all property types, from residential to commercial.
“It’s a positive sign to see such a large number in total inventory at month’s end,” said David DeDominicis, association president. “Overall, the market is holding steady. We are content with the numbers we are currently seeing but want to emphasize that the work does not stop here. More housing is needed and we are working with all levels of government to make that a reality.”
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The average residential sale price in Brantford and Brant County has moved from $660,500 in 2022 to almost $720,000. The average price for detached homes decreased in October from $785,000 to $759,000.
The average price for a detached home in Brantford in October was $692,000 and $1.06 million in Brant County, increasing by three per cent and decreasing by 4.4 per cent, respectively, from September.
Homes are on the market for an average of 29 days, two days less than last year. The close price to list price ratio sat at 98.3 per cent in October, meaning sellers can expect to get close to the listing price for their properties.
There remains about four months’ worth of real estate inventory, unchanged from 2022. Months of inventory is the calculation of the time it would take to turnover the current housing supply at the current rate of sales activity.
Locally, the highest average home prices last month were in Brant County’s Ward 5, which includes Onondaga, Mount Pleasant, Cainsville and Oakland ($1.4 million). That was followed by Brant’s Ward 4, which includes Scotland and Burford ($1.2 million); Ward 1, which includes St. George ($1.1 million); Ward 2, which includes Paris ($885,000); and Ward 3, which also includes Paris ($716,000).
The highest average sale prices for a home in Brantford last month was in Ward 1 ($770,000), followed by Ward 4 ($705,000), Ward 2 ($685,000), Ward 3 ($671,000), and Ward 5 ($554,000).
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