Sales were up and prices down during the first month of local home sales in 2024.
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The Brantford Regional Real Estate Association reported an increase in sales for January, compared to the end of 2023. A total of 111 homes were sold in January, an increase of almost 17 per cent compared to December, which had 95 sales. January sales were up almost nine per cent compared to January 2023.
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Overall sales are up. Brantford saw a total increase of 21 per cent and Brant County nine per cent compared to December.
“While December was a quiet month, things have chosen right back up to start of 2024,” said David DeDominicis, board president. “Sales are up, and prices are down. That’s a promising sign for the 2024 market and buyers in the region.”
The Brantford-Brant market had 813 listings in total supply at year’s end, up slightly from the 793 listings at the same time in 2023. The total inventory includes all property types, from residential to commercial.
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In Brantford and Brant County, the average residential sale price has moved from $647,000 in 2023 to $716,000. The average cost for detached homes decreased in January, from $835,000 in December to $769,000. The average price for detached homes in Brantford was $679,000 and $960,000 in Brant County for January, a decrease of about four per cent and 16 per cent, respectively.
Homes were on the market for an average of 42 days, up 12 days from the same time last year.
The close to list price ratio, indicating the difference between a property’s listed price and the amount it sells for — was at 97.5 per cent in January.
Months of inventory sits at four months, up one month from 2023. The number of months of inventory is the calculation of the time it would take to turn over the current housing supply at the current rate of sales activity.
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The Brantford Regional Real Estate Association serves Brantford, Paris, Burford, Mount Pleasant, Oakland, Scotland, St. George and Six Nations of the Grand River.
Locally, the highest average home prices last month were in Brant County’s Ward 5, which includes Onondaga, Mount Pleasant, Cainsville and Oakland ($2.5 million). That was followed by Brant’s Ward 1, which includes St. George ($2.1 million); Ward 2, which includes Paris ($901,000); Ward 4, which includes Scotland and Burford ($827,000); and Ward 3, which also includes Paris ($762,000).
The highest average sale price for a home in Brantford last month was in Ward 1 ($868,000), followed by Ward 3 ($705,000), Ward 4 ($609,000), Ward 2 ($587,000), and Ward 5 ($500,000).
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