Local home sales steady, supply remains low

The number of local homes sold in June was up more than 13 per cent compared to the same time last year.

Although the Brantford Regional Real Estate Association is reporting 215 homes sold last month, it represents a decrease of about eight per cent compared to May.

“The trends we saw in sales (in June) are very comparable to last year’s,” said association president David DeDominicis. “We are only seeing slight variations in prices and overall sold volume.

“Nonetheless, supply remains an issue. We saw 481 new listings in June, not much higher than the 472 we saw last year. This is one number we would like to see increase significantly. We need more homes on the market to meet the demand we continue to see.”

The Brantford-Brant market had 870 listings in total supply at the end of June, compared to 849 in June of 2022. Total inventory includes all property types, from residential to commercial.

The average sale price of local homes remains steady with a slight decrease of 0.86 per cent, from just over $735,000 in 2022 to $729,000.

The average cost for detached homes in June also had a minor decrease compared to May, moving from about $801,000 to about $785,000. The average price for a detached home in Brantford was just over $697,000 in June and about $1.04 million in Brant County.

Homes remained on the market for an average of 22 days in June, up from 15 days at the same time last year.

The close price to list price ratio was 100 per cent last month, meaning homeowners are likely to get close to their exact listing price when selling their homes.

Two months of inventory remain, not changing from June 2022. The number of months of inventory is the calculation that shows 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 ($1,264,000); That was followed by Brant’s Ward 4, which includes Scotland and Burford ($1,262,000); Ward 1, which includes St. George ($973,000); Ward 3, which includes Paris ($855,000); and Ward 2, which also includes Paris ($731,000).

The highest average sale prices for a home in Brantford last month was in Ward 1 ($761,000), followed by Ward 3 ($729,000), Ward 4 ($712,000), Ward 2 ($654,000), and Ward 5 ($520,000).

Home sales recorded over Canadian MLS Systems posted a 1.5 per cent increase between May and June 2023, a smaller increase than in April and May. Sales were up in June in a little over half of all local markets, with gains in British Columbia and Alberta offsetting fewer sales in the Greater Toronto Area.

The actual (not seasonally adjusted) number of transactions across the country in June came in 4.7 per cent above June 2022. This was the largest year-over-year national sales increase in two years.