Housing Market: Brantford home sales rise to third-best July in history

All real estate is local. The MLS® Home Price Index (HPI) allows you to see more accurate price trends for a specific type of house in a given region, municipality or neighbourhood than using average or median price measures. Each month, the CREA Café will highlight one community to offer a snapshot of the Canadian housing market.

The average sale price in Brantford, Ontario set another record in July as home sales continue to rise.

The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 227 units in July 2019. This was an increase of 13.5% from July 2018.

On a year-to-date basis, home sales totalled 1,343 units over the first seven months of the year, up 10% from 2018.

“Buyers took advantage of a jump in new listings in July, pushing sales to the third highest level on record for that month,” said Rose Sicoli, President of the Brantford Regional Real Estate Association. “Months of inventory are up a bit from the last few years, but the big picture is that it’s only slightly less of a seller’s market. That is why prices continue to rise.”

The average price of homes sold in July 2019 was a record $471,026, up 8.4% from July 2018.

The more comprehensive year-to-date average price was $450,125, rising 7.1% from the first seven months of 2018.

There were 356 new residential listings in July 2019—a record for new supply in the month of July. It was a 12.3% jump on a year-over-year basis.

Active residential listings numbered 520 units at the end of July. While this was a 32.7% increase from the end of July 2018, it remains below the same time in all years prior to 2015.

Months of inventory numbered 2.3 at the end of July 2019, up slightly from the two months recorded at the end of July 2018 but still only about half the long-run average of 5.3 months for the end of the year. 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.

In line with a slightly less tight market, homes spent a little more time on the market in July 2019 than they had a year earlier. The median number of days on market for homes sold through the Association’s MLS® System was 18 in July 2019, up from the 15 days seen in July 2018.

The dollar value of all home sales in July 2019 was $106.9 million, rising 23% from the same month in 2018. This was a new record for the month of July.

Sales of all property types numbered 238 units in July 2019, an increase of 14.4% from July 2018. The total value of all properties sold was $113.1 million, rising 20.5% from July 2018.

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.

CREA complies and analyzes numerous factors affecting the real estate market for the public, REALTORS® and governments.

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