Brantford Real Estate Market Update for January 2024

***Watch the Video Above***

Hi Everyone,

I hope you had a nice Christmas season and a Happy New Year! Here is your Brantford Real Estate Update for January 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. We also can't use the # of New Listings statistic right now since there have been so many homes recently that are being cancelled and relisted numerous times and at various different prices within a short time.

Brantford

The average sale price for a detached single family home in Brantford is $695,769, which has gone up by 15.84% or an average of $95,154 more compared to the average sale price of $600,615 in December 2022. However, compared to the strong market of December 2021 the average sale price has gone down by 12.36% or an average of $98,161. So what does that mean? It means we've recovered around 40% or so of the approximately $230,000 in appreciation that we experienced in the home values between 2020 to 2021 when the market was going crazy and we had those outrageous sale prices. 

The # of sales are down by 9.43% so the sales went down a little compared to December 2022, but the # of sales are down by 28.36% compared to the strong Seller's market we had in December 2021.

The # of active listings in Brantford has gone up by 16.10% compared to 1 year ago, but compared to 2 years ago there are more than 7 times as many homes on the market right now, which is giving the Buyers a lot more options to choose from. 

North End

The average sale price in Brantford’s North End neighbourhoods in December 2023 was $693,813 which is up by 7.18% compared to the average sale price of $647,331 in December 2022. There were 17.39% fewer active listings in the North End neighbourhoods last month, and the number of sales in the North End areas was exactly the same compared to a year ago. 

West Brant

The average sale price in the West Brant area in December 2023 was $849,214 which is up by 20.04% compared to the average sale price of $707,455 in December 2022. There were 25.81% more active listings in West Brant last month, and there were 36.36% fewer sales in the West Brant area 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 number of sales were down last month compared to previous years because I believe there are a lot of people who are sitting on the fence right now waiting to see what's going to happen with the interest rates and with the market. There are more than 7 times as many homes on the market compared to the crazy December we had in 2021 when there was practically no inventory, but the number of active listings right now is comparable to the type of market we had about 5 years ago. If you look at the home values in Brantford over the past 5 years, the average sale price in December 2018 was $407,077 and the average sale price in December 2023 was $695,769, so over the past 5 years the home values have gone up by an average of $288,692 or 70.92% despite the ups and downs we've had over the past few years. If you're a homeowner I'm sure you'd be happy with your home's value increasing by 70.92% over a 5 year period. The demand for the homes in Brantford and Brant County has remained strong but given the additional inventory of houses for sale in Brantford and Brant County it has become extremely important to be able to price your home competitively for the market and to make sure your home is advertised aggressively to a wide range of Buyers who are coming from different areas. 

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 are 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 this year or in 2024? Click here to find out how much your home could sell for in the current market. 

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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