Here is your Brantford Real Estate Update for July 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 average sale price for a detached single family home in Brantford is $697,346, which is down slightly from the average sale price of $699,437 from a year ago. The # of new listings in Brantford are down by 2.62% versus June 2022 and the # of sales are down by 4.80%.
The average sale price in Brantford’s North End neighbourhoods in June 2023 was $748,210, which is down by 2.06% compared to June 2022. There were 3.45% fewer new listings in the North End neighbourhoods last month but the number of sales in the North End areas were up by 8.11% compared to a year ago.
The average sale price in the West Brant area in June 2023 was $805,657, which is down by 7.88% compared to the average sale price in June 2022. There were exactly the same # of new listings in West Brant last month versus a year ago but there were 27.78% more sales in the West Brant area.
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 demand for the houses for sale in Brantford has remained strong but there have been a lot more homes coming on the market which has given the Buyers more options to choose from. There were 217 active listings on the market in June 2023 which was similar to the 211 active listings on the market in June 2022, but that is much higher than the hot market back in June 2021 when there were only 122 active listings on the market, and the active listings on the market over the past few months have gone from 151 in April to 179 in May and then 217 in June.
The average sale price spiked up from $682,541 in April to $750,199 in May but it came back down to $697,346 in June. Why did it come back down? The 2 main factors are the additional inventory of homes as noted above and the rising interest rates. The interest rates have gone from 4.44% a few months ago to 4.94% as the lowest rate I've seen for a 5-year fixed rate, and most of the banks are advertising 5-year fixed rates that are ranging between 5.89% to 6.29%. Another interesting factor is that some of the homes are getting multiple offers and selling for above their asking prices while other homes are selling for below their asking prices, or simply not selling at all. Fortunately if you're working with an experienced and knowledgeable local Brantford realtor who knows the values for the different types of properties in the various neighbourhoods here in Brantford then they'll be able to tell you if the asking price for a home is a good price or a not-so-good price, and more importantly, how much that home should sell for in the current market.
So far in 2023 the homes that have been sold have averaged a sale price that was 99.5% 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). Our listings here at The Terry Summerhays Team in 2023 have been averaging a sale price that is 11.71% ABOVE the asking price thanks to our proven and aggressive real estate marketing system. That's a lot more money going into our clients' pockets! Check out our Summerhays Selling System and a few of the things we do to get well over 100,000 impressions for your home on Google, Facebook, Instagram, YouTube, and LinkedIn to literally thousands of potential Buyers in the areas we target.
Are you planning on making a move this year? Click here to find out how much your home could sell for in the current market.
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