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Hi Everyone,

Here is your Brantford Real Estate Update for October 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.

Brantford

Despite what happened in the last 2 weeks of September with all the new listings hitting the market and the # of sales dropping significantly during that time, the average sale price for a detached single family home in Brantford is actually up 2.47% compared to year ago at $672,352 versus the average sale price of $656,176 in September 2022. The # of new listings in Brantford are up by 39.35% from a year ago but the # of sales are down by 14.12%. The additional homes on the market and the lower # of sales has resulted in 254 active listings on the market in Brantford, which is the highest # of active listings we've had on the market since September of 2019 when there were 256 detached single family homes available for sale in Brantford. If we look at the average sale price in Brantford on a month-to-month basis it went up by an average of $2,752 from August 2023 to September 2023, but it has gone down by an average of $48,622 between July 2023 to September 2023.

North End

The average sale price in Brantford’s North End neighbourhoods in September 2023 was $726,201 which is down by 0.85% compared to September 2022. There were 43.75% more new listings in the North End neighbourhoods last month but the number of sales in the North End areas were down by 26.09% compared to a year ago. If we look at the average sale price in the North End neighbourhoods on a month-to-month basis it went down by an average of $44,639 from August 2023 to September 2023, and it has gone down by an average of $80,585 from July 2023 to September 2023.

West Brant

The average sale price in the West Brant area in September 2023 was $723,462, which is down by 4.99% compared to the average sale price in September 2022. There were 54.05% more new listings in West Brant last month versus a year ago but there were 13.33% fewer sales in the West Brant area. If we look at the average sale price in the West Brant neighbourhoods on a month-to-month basis it went down by an average of $112,952 from August 2023 to September 2023, and it has gone down by an average of $135,214 from July 2023 to September 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

The real estate market in Brantford has shifted with the inventory of homes on the market being at its highest point since September of 2019 and less than 30% of the homes are selling. The higher interest rates are playing a large factor as more and more people are choosing to sell their home instead of renewing their mortgage at the higher interest rate since the mortgage payments are no longer affordable at that higher interest rate. The higher interest rate is also deterring the buyers who are now not able to qualify for as high of a purchase price as they qualified for at the lower interest rates and this has resulted in fewer sales. Having all of these additional homes on the market has given the buyers a lot more homes to choose from as well and only the best priced properties are selling right now. We are currently in a Buyer's market and if this trend continues we could start seeing more "power of sale" properties coming on the market and excellent opportunities for the buyers and investors who are not siginficantly impacted by the higher interest rates. 

Working with an experienced and knowledgeable local Brantford realtor who knows the Brantford real estate 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 10.90% ABOVE 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? 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!

Thank you for your time and have a great day!