Brantford Regional Real Estate Association MLS® home sales surge in November
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 150 units in November 2024. This was an advance of 32.7% from November 2023.
Home sales were 6.8% below the five-year average and 12.6% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 1,736 units over the first 11 months of the year. This was down modestly by 3.2% 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 $667,200 in November 2024, falling by 1.2% compared to November 2023.
The benchmark price for single-family homes was $694,600, down only 0.2% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $551,500, down by 9.3% compared to a year earlier, while the benchmark apartment price was $366,800, a decrease of 5% from year-ago levels.
The average price of homes sold in November 2024 was $692,398, an increase of 4.9% from November 2023.
The more comprehensive year-to-date average price was $697,799, a small reduction of 1.9% from the first 11 months of 2023.
The dollar value of all home sales in November 2024 was $103.9 million, a substantial gain of 39.2% from the same month in 2023.
The number of new listings saw a decline of 6% (15 listings) from November 2023. There were 235 new residential listings in November 2024.
New listings were 4.1% above the five-year average and 9.4% above the 10-year average for the month of November.
Active residential listings numbered 577 units on the market at the end of November, up by 7.2% from the end of November 2023. Active listings haven’t been this high in the month of November in more than a decade.
Active listings were 64.6% above the five-year average and 59.1% above the 10-year average for the month of November.
Months of inventory numbered 3.8 at the end of November 2024, down from the 4.8 months recorded at the end of November 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
