The number of local home sales and the average prices of those homes continues to decrease.
The Brantford Regional Real Estate Association is reporting 131 homes sold in July compared to 190 in June.
Association president John Oddi said fewer sales in the summer months are typical for the local market.
At the same, time the association is reporting another reduction in average sale prices of all types of homes, with July coming in at an average of $700,500 compared to $735,000 in June.
Homes stayed on the market an average of 21 days in July, with the total inventory of properties for sale greatly increased — to 882 — compared to the same time last year when there were 556 properties, including residential and commercial, listed for sale.
“This month it is more than clear the market is slowing down and leveling off,” said Oddi. “There has been a 38.21 per cent reduction in the number of sales this month compared to 2021 and a reduction in average prices.
“What we’re seeing is the market slowly shifting from the seller, back to the buyer’s hands.”
The average price for local detached homes is $719,000. That’s a decrease of 6.65 per cent from July 2021.
There continues to be noticeable rise in the supply of houses posted on the MLS System, with 402 in July compared to 285 listings in July 2021. There is now three months of active inventory. The number of months of inventory is the calculation of time it would take to turn over the current housing supply at the current rate of sales activity.
The highest average home prices last month were in Brant County’s Ward 5, which includes Onondaga, Mount Pleasant, Cainsville and Oakland, where the average price for a home was $1.3 million. That was followed by Brant’s Ward 4, West Brant, which includes Scotland and Burford ($960,000); Ward 1, which includes St. George ($901,000); Ward 3, which includes Paris ($801,000); and Ward 2, which also includes Paris ($757,000).
The highest average sale price for a home in Brantford last month was in Ward 1 ($788,000), followed by Ward 4 ($773,000), Ward 3 ($703,000), Ward 2 ($655,000) and Ward 5 ($478,000).