Brantford Regional Real Estate Association MLS® home sales stall in advance of busy spring market
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 168 units in March 2024. This was a moderate decrease of 5.6% (10 sales) from March 2023.
Home sales were 24.4% below the five-year average and 22.3% below the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 416 units over the first three months of the year. This decreased by 1.2% (five sales) from the same period in 2023.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $670,800 in March 2024, essentially unchanged, down just 0.7% compared to March 2023.
The benchmark price for single-family homes was $695,500, a slight reduction of 0.7% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $577,100, increasing by 1.3% compared to a year earlier, while the benchmark apartment price was $367,700, up only 0.3% from year-ago levels.
The average price of homes sold in March 2024 was $676,928, a modest decline of 2.1% from March 2023.
The more comprehensive year-to-date average price was $687,576, nearly unchanged, up only 0.6% from the first three months of 2023.
The dollar value of all home sales in March 2024 was $113.7 million, a decrease of 7.6% from the same month in 2023.
The number of new listings saw a small gain of 3.9% (12 listings) from March 2023. There were 318 new residential listings in March 2024.
New listings were 8.1% below the five-year average and 0.3% below the 10-year average for the month of March.
Active residential listings numbered 453 units on the market at the end of March, increasing by 20.5% from the end of March 2023. Active listings haven’t been this high in the month of March in more than five years.
Active listings were 47.5% above the five-year average and 38.9% above the 10-year average for the month of March.
Months of inventory numbered 2.7 at the end of March 2024, up from the 2.1 months recorded at the end of March 2023 and above the long-run average of 1.6 months for this time of 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.
BOARD & ASSOCIATION INFORMATION
For further comment please contact President John Oddi (johnoddi@royallepage.ca).
For further information and background, please contact Executive Officer Felicia Finnigan (felicia@brrea.com).
Telephone: 519-753-0308
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.
Brantford Regional Real Estate Association®
David De Dominicis
