Seasonal Shift Underway - Brantford, Paris, and Brant County Real Estate Report - October 2019
The market is changing, but not in a typical way. As we head into the colder weather, there is a feeling that there is a new season coming, the beginning of settling into winter, holidays and family time.
The market heading into fall is showing some interesting trends. Our realtors are still getting an abundance of showings, and we are again seeing properties sell for above asking in competition with multiple offers.
The key to being successful in this shifted market is to have an educated, local realtor who has a strong strategy.
The statistics in the market identify trends before we see them in action. In general, inventory is high, and demand for new homes is declining. However, new listings are increasing. For sellers, this means that correctly pricing your home when selling is more important now than previously in the market.
In Brantford, the average sale price of a detached home is still rising at $436k, compared to last year at this same time, which was $402k. What is also interesting is that over 50% of homes that sell are selling at listing price or above. These are typically homes that have an aggressive pricing strategy, as we still see the active inventory hold steady with longer days on the market for some properties.
Sales are starting to trend downward while there is an increase in new and active properties on the market. Compared to activity this time last year, we see consistent growth in the Brantford market through an increased number of sales, while listings have remained relatively the same.
In Paris, the average home will cost you significantly more than your Brantford neighbour at $576k. We see a drop in sales and new listings, but still a steady amount of turnover. As new listings are coming on the market, they are quickly being sold. There is a high inventory of active listings leftover from the spring and summer, partly due to more new construction homes come up for sale.
Brant county has seen a rush of home buyers scoop up new and active listings toward the end of the summer. The trends show that sales have slowed in Brantford and Paris; the County is trending in the opposite direction. The average home in the County is around $683k. What will be interesting will be to see if the trends continue into the winter market. If it continues, it could mean more of a seller’s market.
Overall, we have to understand from all this information that there are three different markets in Brantford, Brant County, and Paris.
The key for sellers here is to be on point with your asking price right out of the gate. As the gap widens between sales and inventory, days on the market will likely increase as we move into the winter market.
The key for buyers is to act fast when you see a home that you love, or look to properties that have been active for a while and try to get a deal.
The average price of a home in Brantford has risen by 9% compared to data from 2018, or $37k. That works out to an appreciation of an average detached house to about $100 per day.