We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Based on this principle the latest data suggests that now is a great time to sell your house in Brantford.
The Latest Sales Data in Brantford
Every month, The Terry Summerhays Team analyzes the sales data from the previous month and shares their findings in a monthly market report. This month, the data showed(once again) that homebuying demand in Brantford continued to outpace the supply of homes available for sale.
Takeaway: Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 2018.
The most important data revealed in this month's Brantford Real Estate Market report was not just the actual sales but was instead the inventory of homes for sale (supply). The report explained:
- Total housing inventory is down 29.46% versus 1 year ago.
- The Average Sale Price in Brantford is up 5.62% or an average of $20,775 higher versus 1 year ago.
- The absorption rate in Brantford is 79.68%, meaning there is only a little over 3 weeks supply of inventory/homes currently on the market in Brantford.
“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The lack of inventory for single-family homes in Brantford has played a predominant role in the rising home values we have been experiencing in the Brantford area”
In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.
As we mentioned before, there is currently less than a 1-month supply of inventory in Brantford, and houses are going under contract fast with many properties receiving multiple offers.
Takeaway: With the inventory of homes in Brantford being so low, coupled with the high demand for housing in Brantford, if a flood of new listings do not enter the market soon then we can expect the homes values in Brantford to continue to appreciate as the buyers compete against each other to try to "win" the bidding war for the homes that are on the market.
If you are going to sell, now may be the time to take advantage of this situation and the ready, willing, and able buyers who are searching for your house.
To Get A Free Copy of Our Seller Guide for Spring 2018: Click Here
To Get A Free Copy of Our Buyer Guide for Spring 2018: Click Here