There are more houses on the market as prices remain steady, according to statistics released by the Brantford Regional Real Estate Association.
The supply of local homes for sale has more than doubled that of 2021, with 515 listings at the end of October, compared to 189 last year.
A total of 116 homes, with an average price of $660,531, were sold last month. Sales are down from September, when 150 homes were sold.
Prices continue to level out and remain consistent, said John Oddi, president of the local real estate association. That leveling out follows a price decrease of 3.42 per cent on average residential sales in September.
The average selling price of a local home is down almost 10.5 per cent from the same time last year. Houses are on the market for an average of 31 days.
“Average prices of detached homes remain steady,” said Oddi. “With less fluctuation in prices month over month, homeowners can better predict the market and move when the time is right for them.”
Oddi said the rise in the inventory of listed homes is “greatly needed.”
At the end of October, there were four months of active inventory. 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.
The highest average home prices last month were in Brant County’s Ward 1, which includes St. George ($878,500). That was followed by Brant’s Ward 3, which includes Paris ($820,000); Ward 2, which also includes Paris ($766,000); and Ward 4, which includes Scotland and Burford ($761,000).
The highest average sale price for a home in Brantford last month was in Ward 1 ($744,000), followed by Ward 2 ($687,000), Ward 3 ($670,000), Ward 4 ($645,000) and Ward 5 ($486,000).