Here is your Brantford Real Estate Update for May 2020 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.
The average sale price for a detached single-family home for all areas of Brantford in April 2020 was $479,596, which is up by 8.66% or $38,212 compared to the average sale price of $441,384 for April 2019. The sales-to-new listings ratio for the month of April was 55.56%. That means that approximately 5 homes in Brantford were sold for every 10 homes that were listed in the month, indicating a balanced market for the City of Brantford as a whole. Earlier this year, before the pandemic hit, we had a sales-to-new listings ratio of over 80%, meaning 8 out of 10 homes were being sold, indicating a strong Seller's market at that time.
The average sale price in Brantford’s North End neighbourhoods in April 2020 was $475,723 which is up by .91% or $4,272 compared to the average sale price of $471,451 for April 2019. The sales-to-new listings ratio in the North End last month was 61.90%, meaning that there were 6 homes sold in the North End areas for every 10 new listings in the North End that came on the market, which is bordering between a balanced market and a Seller's market. However, keep in mind that both the # of new listings and the # of sales are down significantly so with the fewer sales last month the average sale price in the North End neighbourhoods can be easily skewed by a few higher or lower sale prices.
The average sale price in the West Brant area in April 2020 was $569,943, which is up by 20.54% or $97,105 compared to the average sale price of $472,838 for April 2019. The sales-to-new listings ratio in West Brant for the month of April was 73.68%. That means in April 2020, 7 homes for sale in West Brant were sold for every 10 homes that were listed during the month, indicating a Seller's market in the West Brant area. However, keep in mind that both the # of new listings and the # of sales are down significantly so with the fewer sales last month the average sale price in the West Brant area can be easily skewed by a few higher or lower sale prices.
Terry's Take on the Brantford Real Estate Market
I've been keeping a very close eye on the Brantford real estate market so I can advise my clients on when it will be the best time to make a move. Looking at the overall stats from last month we can see how this COVID-19 pandemic has impacted our local real estate market. On the positive side, the houses for sale in Brantford are still selling, and the average sale price for a detached residential home in Brantford is actually up 8.66% compared to a year ago. On the not-so-positive side, the # of homes sold in Brantford last month dropped significantly with 57.36% fewer sales compared to a year ago. The # of new listings in Brantford also dropped with 52.86% fewer new listings. We started this year in a very strong Seller's market but right now we are experiencing a balanced market, which isn't necessarily a bad thing if you are planning on buying and selling a home.
If you live in Brantford or Brant County and you are still planning on, or hoping to be able to make a move this year, give us a call and we can go over your best options with you, and we can also let you know when it will be the most favourable time for you to make a move depending on a couple of factors regarding your plans. Click Here to Schedule a Free Video Consultation or Call 519-802-8770 and press "5" to leave a message with your name and phone number.
To learn how Terry Summerhays sells his listings for more money, check out our proven and aggressive Summerhays Selling System so you can sell your Brantford home faster, easier, and for more money!
Thank you for your time and stay safe!
***Statistical information was compiled from data provided by the Brantford Regional Real Estate Association