Brantford Home Sales Improve
Home sales recorded through the MLS® System of the Brantford Regional Real Estate Association were down only slightly from year-ago levels in October 2010. Seasonally adjusted sales activity increased on a month-over-month basis, reaching the highest level since April.
According to statistics provided by the Association, residential sales totalled 144 units in October 2010. This is down just two per cent (three sales) from levels in October 2009, and stands just three sales below October 2008 as well.
On a seasonally adjusted basis, home sales were up nine per cent from the previous month, and reached the highest level since April.
Year-to-date sales activity remains 11 per cent above where it stood over the first ten months of 2009.
Supply continues trending lower compared to a year ago, which is keeping the market in balance. New residential listings on the Association’s MLS® System declined five per cent from year-ago levels to 231 units in October. This is the fourth consecutive decline. There were 706 active residential listings on the Association’s MLS® System at the end of October, a decrease of eight per cent from the same month in 2009.
There were 4.9 months of inventory at the end of October 2010. This is down from 5.2 months one year earlier, and is characteristic of a balanced market. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The average price of homes sold in October was $230,180. While prices have been generally flattening out in recent months, this was up eight per cent from a weak reading in October last year.
“Demand is showing signs of stabilizing at more sustainable levels compared to the beginning of the year,” said Daniel Marchuk, President of the Brantford Regional Real Estate Association. “We’re in a balanced market now, and buyers are in less of a hurry to make decisions, so sellers should consult their REALTOR® on how to best price and present their home to attract purchase offers.”
The dollar value of all home sales in October 2010 totalled $33.1 million, up six per cent from the same month in 2009.
Total sales activity in Brantford numbered 148 units in October 2010, down six per cent on a year-over-year basis. The total value of all sales activity amounted to $34.1 million, two per cent above levels reported in October 2009.
The Brantford Regional Real Estate Association serves an area of Southwestern Ontario that includes the rural areas and communities in Brant County, which includes the City of Brantford, Town of Paris, Villages of Burford, Mount Pleasant, Oakland, Scotland and St. George.