How was the Brantford Real Estate Market in 2016?
The Brantford real estate market was a strong Sellers market in 2016 with a low inventory of homes and an increased demand for the homes for sale in Brantford. When a home is priced correctly and marketed properly in this market the result is a situation of multiple offers creating a bidding war for the property and more money for the Seller.
Brantford Real Estate Market: 2016 vs. 2015
1)Residential Sales Volume was up 3.95% in 2016 vs. 2015, even though there were 2.50% fewer listings in 2016.
2)The Median Sale Price was $305,450 in 2016 vs. $267,000 in 2015, which was an increase of 14.40%.
3)The Average Sale Price was $335,331 in 2016 vs. $293,051 in 2015, which was an increase of 14.43%.
4)The Average Sale Price for a single family detached home was $365,192 in 2016 vs. $313,495 in 2015, which was an increase of 16.49%.
5)In 2016, 24.47% of the residential sales were for homes priced above $400,000, whereas in 2015 only 15.53% of the residential sales were for homes priced above $400,000.
Unfortunately I do not have a crystal ball to tell the future(nobody does...Lol), but based on the market data and my experience in the Brantford real estate market I anticipate the average sale price for a single family detached home in Brantford to approach the $400,000 price before the end of this year.
Outlook for the Brantford Real Estate Market in 2017
The outlook for the real estate market in Brantford and Brant County for 2017 remains strong with low interest rates, a high demand for homes in Brantford from both local and out-of-town buyers, and a positive outlook with Brantford being identified as an urban growth centre where future population growth is expected to occur in the next 30 years. In order to accommodate this projected growth, the City of Brantford will require additional housing for existing and new residents to live, thus further intensifying the demand for the homes for sale in Brantford.
With the demand for homes in Brantford remaining strong and continuing to outpace the supply of homes available on the market we can expect for the sale prices in all neighbourhoods to set all-time highs in 2017.
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