Brantford Real Estate Market Report October 2017

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Hi,

Here is your Brantford Real Estate Market Report for October 2017. We are focusing on the activity in the month of October for the detached single-family homes in the West Brant area, the North End neighbourhoods, and for the City of Brantford as a whole.

West Brant

The average sale price in the West Brant area in October 2017 was $493,925, which is up 9.65% or $43,471 higher than October 2016. There were 52 new listings of detached homes and 28 sales in the month, which gives us a sales-to-new listings ratio of 53.85% for October 2017. That means that half of the homes that were listed in the West Brant area in the month of October were sold. There were 18 more new listings last month compared to October 2016, but 7 mores sales compared to last year. 

North End

The average sale price in the North End neighbourhoods in October 2017 was $390,979, which is up 6.50% or $23,876 higher than October 2016. There were 37 new listings of detached homes and 32 sales in the month, which gives us a sales-to-new listings ratio of 86.49% for October 2017. That means that almost 9 out of every 10 homes that were listed in the North End areas in the month of October were sold, indicating a strong Seller's market last month for the neighbourhoods in the North End. There were 4 more new listings last month compared to October 2016, but 1 more sale compared to last year. 

Brantford

The average sale price for all areas of Brantford in October 2017 was $401,390, which is up 17.83% or $60,726 higher than October 2016. There were 166 new listings of detached homes and 124 sales in the month, which gives us a sales-to-new listings ratio of 74.70% for October 2017. That means that 7.5 out of every 10 detached single-family homes that were listed in Brantford in the month of October were sold. These numbers indicate a Seller's market for the City of Brantford as a whole and a notable increase in the average sale price compared to last year. There were 22 more new listings last month compared to October 2016, but there were 25 more sales compared to last year.

Terry's Take on the Brantford Real Estate Market

As you can see by the numbers above there was a significant increase in the average sale price in Brantford for the month of October 2017 in comparison to October 2016. There were also 25.25% more sales in Brantford last month compared to last year's totals for October. The 1st half of October started slow perhaps in part due to the busy Thanksgiving weekend, but the activity really picked up during the last few weeks in October. I believe the news about the upcoming change to the mortgage rules has created a sense of urgency and jumpstarted the sales again because a lot of Buyers are trying to buy a home before that change takes effect on January 1, 2018. The Buyers will be actively searching for a home to buy before the end of this year, which makes it a great time to have your home on the market if the timing works out for you to sell your home right now. 

If you're curious about how much your home is worth in today's market you can find out by clicking here: What's My Home Worth? or call The Terry Summerhays Team at (519)756-8111.

If you're looking for a home in Brantford simply click here: View Today's New Listings

Thank you for your time and have a great day!

Terry

 

***Statistical information provided by the Brantford Regional Real Estate Association