Here is your Brantford Real Estate Update for November 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.
Despite the downturn in the real estate market, the average sale price for a detached single family home in Brantford has actually gone up 7.98% compared to year ago at $692,899 versus the average sale price of $641,699 in October 2022. The # of new listings in Brantford are up by 55.93% from a year ago and the # of sales are up as well by 70.18%.
The average sale price in Brantford’s North End neighbourhoods in October 2023 was $693,320 which is up by 2.99% compared to October 2022. There were more than double the # of new listings in the North End neighbourhoods that came on the market last month, and the number of sales in the North End areas more than doubled as well(up by 127.27%) compared to a year ago.
The average sale price in the West Brant area in October 2023 was $783,584 which is up by 3.63% compared to the average sale price in October 2022. There were 85.19% more new listings in West Brant that came on the market last month and there were 66.67% more sales in the West Brant area versus 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 real estate market in Brantford has definitely changed and this has forced a change in strategy for both selling a home and buying a home to make sure that you can put yourself in a position to be able to capitalize on this market. The stats for this month look more positive than they really are because they are being compared to October of 2022 which was one of the worst months for the Brantford real estate market in 2022. However, if we look at the big picture and compare to previous years, the # of sales have gone down by approximately 73% compared to the hot Seller's market we had back in October 2020, and there are 3 times as many active listings on the market right now compared to that market in October 2020. Having all of these additional homes on the market has given the buyers a lot more homes to choose from and this has made it a far more favourable market for buying a home.
The good news as a homeowner is that despite the change in the market, if you've owned your home for 3 years or longer then you should have a lot of equity in your home because the average sale price has still gone up by 25.95% compared to that strong Seller's market in October 2020. This is an excellent market for homeowners who want to use that equity to move up to a larger home and/or to a home in a more preferred neighbourhood because although their current home won't sell for as much as it would have in 2021 or early 2022, they still have a significant amount of equity in their home, and given that there are so many more homes to choose from now, they'll be able to take advantage of this market on the buying side and buy the home they want for a much lower price. For example, if you sell your current home for $500,000 instead of the $550,000 you could have sold it for in the stronger market, but you buy your next home for $800,000 instead of the $900,000 it would have sold for in the stronger market, then you are still $50,000 ahead since you purchased for $100,000 lower and sold for only $50,000 lower.
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.
So far in 2023 the residential homes that have been sold have averaged a sale price that was 99.20% 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 so far in 2023 have averaged a sale price that is 109.42% of the asking price thanks to our superior 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 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, or fill out the form below. The more time we have to help you plan for your move the better!
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