Brantford Regional Real Estate Association MLS® home sales continue to grow in October
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 158 units in October 2024. This was a moderate gain of 9.7% (14 sales) from October 2023.
Home sales were 18.6% below the five-year average and 21% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,588 units over the first 10 months of the year. This decreased by 5.7% 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 $676,000 in October 2024, a minor decrease of 2.7% compared to October 2023.
The benchmark price for single-family homes was $704,100, a small reduction of 2% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $561,600, falling by 7.6% compared to a year earlier, while the benchmark apartment price was $362,800, a decline of 6.6% from year-ago levels.
The average price of homes sold in October 2024 was $709,716, a modest decline of 1.5% from October 2023.
The more comprehensive year-to-date average price was $698,531, down modestly by 2.2% from the first 10 months of 2023.
The dollar value of all home sales in October 2024 was $112.1 million, an increase of 8.1% from the same month in 2023.
The number of new listings saw a moderate decrease of 4.5% from October 2023. There were 357 new residential listings in October 2024.
New listings were 16.7% above the five-year average and 22.2% above the 10-year average for the month of October.
Active residential listings numbered 685 units on the market at the end of October, increasing by 23% from the end of October 2023. Active listings haven’t been this high in the month of October in more than a decade.
Active listings were 69.6% above the five-year average and 65.1% above the 10-year average for the month of October.
Months of inventory numbered 4.3 at the end of October 2024, up from the 3.9 months recorded at the end of October 2023 and above the long-run average of 2.4 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
