Brantford Real Estate Market Update for February 2024

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Hi Everyone,

Here is your Brantford Real Estate Update for February 2024 with the statistics from last month for the detached residential homes in the City of Brantford, the North End neighbourhoods, and the West Brant area.

*Keep in mind there aren't enough sales in each of the other neighbourhoods in Brantford to be able to provide information that would be a true reflection of what is really happening in those neighbourhoods. 

Brantford

The average sale price for a detached single family home in Brantford is $668,956, which has gone down by 2.11% or an average of $14,421 compared to the average sale price of $683,377 in January 2023. However, in some neighbourhoods the average sale price went up.

There were 16.67% fewer new listings in Brantford that came on the market last month but there was only 1 less sale versus a year ago.

North End

The average sale price in Brantford’s North End neighbourhoods in January 2024 was $734,429 which is down by only 0.82% compared to the average sale price of $740,517 in  2023. There were 45% fewer new listings in the North End neighbourhoods last month compared to January 2023, and the number of sales in the North End areas was also down by 39.13% versus a year ago. 

West Brant

The average sale price in the West Brant area in January 2024 was $889,508 which is up by 16.21% compared to the average sale price of $765,417 in January 2023. There were 25.71% fewer new listings in West Brant last month compared to a year ago, but there were exactly the same number of sales in West Brant as there were in January 2023. 

Call The Terry Summerhays Team today at 519-802-8770 for a Free Home Valuation and Tips on How to Take Advantage of this Market!

Terry's Take on the Brantford Real Estate Market

Aside from the lower number of new listings that came on the market, the real estate market in Brantford has been very similar to the market we had in January 2023 with an average sale price that was close to the average sale price from 1 year ago, a similar number of active listings of homes on the market, and only 1 less sale than there was a year ago. The prices have been going up and down over the past couple of years but when you look at what's happened to the home values in Brantford(and surrounding areas) over the past 5 years, the average sale price has gone up by 67.29% or an average of $269,075 comapred to 5 years ago. So if you've been in your home for more than a couple of years then you should have a lot of equity built up in it now. 

With the Bank of Canada holding the interest rate, and many of the lenders lowering their interest rates(the best interest rate I've seen at the time of writing this post for a 5-year fixed mortgage has gone from 5.69% just a few months ago down to now being at 4.89%) I believe there will be more Buyers jumping back into the market over the coming months, especially given the speculation that the Bank of Canada will be lowering the benchmark rate this year, which is what I'm hearing from the various mortgage professionals I've spoken with regarding the interest rate.

Working with an experienced and knowledgeable local Brantford realtor who's been through this type of market before and has the skills and experience to know how to negotiate in this market can help you take advantage of this market on both the selling side and the buying side. Click here to fill out a form if you'd like Terry to contact you about any questions you have or to discuss your best options for making a move.

The residential homes in Brantford and Brant County that were sold in 2023 averaged a sale price that was 98.80% of the asking price(it should actually be lower than that because that # is based on the most recent asking price and not the "original" asking price and there were several homes that were originally listed at a price that was $50,000 to $100,000 higher than the last asking price the home was at when it finally sold). The Terry Summerhays Team listings in Brantford and Brant County in 2023 averaged a sale price that was 108.37% of the asking price thanks to our superior marketing system. That's a lot more money (9.57% more) going into our clients' pockets! Check out our proven Summerhays Selling System and a few of the things we can do to get well over 100,000 impressions for your home on Google, Facebook, Instagram, YouTube, and LinkedIn to literally tens of thousands of potential Buyers in the areas we target.

Are you planning on making a move in 2024? Click here to find out how much your home could sell for in the current market, or to receive a market snapshot for your specific neighbourhood, and/or for the area where you're looking for your next home.

To schedule a free consultation about buying and/or selling a home in this market just give us a call at 519-802-8770.  The more time we have to help you plan for your move the better!

Thank you for your time and have a great day!

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