Spring has sprung in the local real estate market, with home sales up more than 30 per cent in March.
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A total of 167 homes were sold in March compared to 128 February. However, the numbers are still down about five per cent from March 2023.
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Brant County had the most significant sales increase of 33.3 per cent, with sales in Brantford climbing 29.4 per cent.
“This spring market is showing encouraging signs of stability,” said David DeDominicis, president of the Brantford Regional Real Estate Association. “The current trends in pricing and inventory closely mirror what we observed last month and, when compared to the previous year, this consistency is a positive sign that the market is finding its balance. These trends also suggest a more predictable market landscape moving forward.”
The Brantford-Brant market had 883 listings in total supply at the end of March, a small increase from the 824 listings at the same time in 2023.
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The average sale price for a home in Brantford and Brant County in March was just over $675,000, down from about $694,000 at the same time last year.
The average cost of a detached home rose slightly, from $711,000 in February to $739,000 in March. The average price of a home in Brantford was $646,000 and just over $1 million in Brant County, decreasing 0.81 per cent and increasing 18 per cent, respectively.
Homes were on the market for an average of 30 days in March. The close to list price ratio was 99.2 per cent, meaning home sellers are getting very close to their asking price.
There were three months of inventory at the end of March, the calculation showing the number of months it would take to turn over 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 ($1.1 million); Ward 1, which includes St. George ($1 million); Ward 3, which includes Paris ($794,000); and Ward 2, which also includes Paris ($694,000).
The highest average sale prices for a home in Brantford last month was in Ward 1 ($728,000), followed by Ward 3 ($692,000), Ward 1 ($671,000), Ward 4 ($628,000), and Ward 5 ($509,000).
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