Brantford Regional Real Estate Association MLS® home sales continue to decline in July despite historically strong new supply
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 157 units in July 2024. This was down by 5.4% (nine sales) from July 2023.
Home sales were 20.9% below the five-year average and 25.4% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 1,152 units over the first seven months of the year. This was a decrease of 6.1% 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 $694,600 in July 2024, down only 0.2% compared to July 2023.
The benchmark price for single-family homes was $722,800, nearly unchanged, up only 0.1% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $579,000, a minor decrease of 3.2% compared to a year earlier, while the benchmark apartment price was $379,300, a small gain of 2.3% from year-ago levels.
The average price of homes sold in July 2024 was $699,813, a small reduction of 3.3% from July 2023.
The more comprehensive year-to-date average price was $705,772, edging down 0.9% from the first seven months of 2023.
The dollar value of all home sales in July 2024 was $109.9 million, a decline of 8.5% from the same month in 2023.
The number of new listings was up by 14.2% from July 2023. There were 387 new residential listings in July 2024. This was also the largest number of new listings added in the month of July in history.
New listings were 14.4% above the five-year average and 19.2% above the 10-year average for the month of July.
Active residential listings numbered 622 units on the market at the end of July, an increase of 24.9% from the end of July 2023. Active listings haven’t been this high in the month of July in a decade.
Active listings were 48.6% above the five-year average and 43% above the 10-year average for the month of July.
Months of inventory numbered 4 at the end of July 2024, up from the 3 months recorded at the end of July 2023 and above the long-run average of 2.3 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 Judy Lillico (judy.lillico@remaxtwincity.com).
For further information and background, please contact Executive Officer Felicia Finnigan (executiveofficer@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®
Judy Lillico
