Brantford housing market slows dramatically in April as community follows public health guidelines
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 85 units in April 2020. This was a decline of 55.3% from April 2019 and was the lowest number of sales for the month in over three decades.
On a year-to-date basis, home sales totalled 517 units over the first four months of the year. This was down 8.8% from 2019.
“Home sales and new listings took a hit in April as the public followed government initiatives to limit the spread of COVID-19,” said Rose Sicoli, President of the Brantford Regional Real Estate Association. “REALTORS® are an essential service and have been using new technologies and strict safety measures to help clients navigate this challenging time.”
The average price of homes sold in April 2020 was $479,660, up 8.5% from April 2019.
The more comprehensive year-to-date average price was $490,579, rising 14% from the first four months of 2019.
There were 156 new residential listings in April 2020. This was a decline of 54.8% on a year-over-year basis and was the lowest supply of new listings to hit the market in over three decades.
Active residential listings numbered 278 units at the end of April. This was a decline of 30.7% from the end of April 2019.
Months of inventory numbered 3.3 at the end of April 2020, up from the 2.1 months recorded at the end of April 2019 and above the long-run average of 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.
With a relatively unchanged market balance, homes spent about the same amount of time on the market in April 2020 as they had a year earlier. The median number of days on market for homes sold through the Association’s MLS® System was 17 in April 2020, down slightly from the 15 days in the same month one year earlier.
The dollar value of all home sales in April 2020 was $40.8 million, declining by 51.5% from the same month in 2019.
Sales of all property types numbered 91 units in April 2020; this was a decline of 54.7% from April 2019. The total value of all properties sold was $43.6 million, declining by 53% from April 2019.
For further comment, please contact President Rose Sicoli
For further information and background, please contact Executive Officer Felicia Finnigan felicia@brrea.com
BOARD & ASSOCIATION INFORMATION
For further comment please contact President Rose Sicoli (rose@petrorealestate.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®
President
Rose Sicoli
