Brantford Real Estate Market Update for January 2023
Posted by Terry Summerhays on Thursday, January 5, 2023 at 10:36 AMBy Terry Summerhays / January 5, 2023Comment
Happy New Year! Here is your Brantford Real Estate Update for January 2023 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.
The sale price for a detached single family home in Brantford has gone down by an average of 23.14% compared to a year ago. There were also 19.70% fewer sales in Brantford last month. There are some excellent opportunities for buying a home right now, and if you need to sell a home the good news is that the homes that are priced in line with the current market are still selling fast and for a good price. Click here to check out the newest listings of homes for sale in Brantford and Brant County.
The average sale price in Brantford’s North End neighbourhoods in December 2022 was $647,331, which is down by 16.38% compared to December 2021. There were the same number of new listings in the North End neighbourhoods last month and the number of sales increased by 6.67% compared to a year ago.
The average sale price in the West Brant area in December 2022 was $707,455, which is down 27.06% compared to the average sale price in December 2021. There were 41.67% more new listings in West Brant last month but there were 26.67% fewer sales compared to a year ago.
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
The higher interest rates and increased supply of houses for sale in Brantford has resulted in a significant drop in the average sale price for a home in Brantford(average sale price in December was $600,615) compared to where the prices were at during the peak of the market in February 2022(average sale price in February was $831,213), and also compared to a year ago(average sale price in December 2021 was $781,486). However, the average sale price back in December 2019 was $440,742 and if it wasn't for the market going crazy with sale prices that didn't make any sense in 2021 and early in 2022, then I'm sure we would be happy with an average sale price of $600,615 since that would be an increase of 36.27% or $159,873 over that 3-year period. Unfortunately right now there are a lot of houses for sale in Brantford that are simply being overpriced and they are not selling, and they are not going to sell.
While the higher interest rates may present challenges for some buyers, for the buyers and investors who are working with a local real estate professional who can keep them informed about the trends in the market and use their experience and expertise in negotiation when they find the right property, this market creates opportunities for those buyers and investors to be able to take full advantage and get a great deal on the type of property they're looking for. *I should note that despite the current market condnitions, our listings have still been getting multiple offers and selling fast and for above their asking prices!
In this new market the pricing and marketing for a property is extremely important if you want to maximize the sale price for your home and also have a smooth transaction. Great marketing still sells homes! Click here to find out what your Brantford home is really worth in the current market. You can check out a few of the things we do to make sure your home stands out in this crowded marketplace at Summerhays Selling System.
Whether you're thinking about buying your 1st home, or moving up to a larger home, or downsizing to a smaller home, we can help you! We pride ourselves in helping our clients be able to plan ahead and make the right decisions in this type of market so they can take advantage of this market. Contact us today and let's get started!
To schedule a free consultation about buying and/or selling a home in this market just give us a call at 519-802-8770, or fill out the form below.
Thank you for your time and have a great day!
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