Brantford Regional Real Estate Association MLS® home sales decline to lowest July reading since 1996
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 137 units in July 2022. This was a big decline of 34.1% from July 2021.
Home sales were 38.2% below the five-year average and 36.6% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 1,450 units over the first seven months of the year. This was a decline of 17% from the same period in 2021.
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 $718,500 in July 2022, increasing by 8.1% compared to July 2021.
The benchmark price for single-family homes was $735,100, a gain of 6.6% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $690,700, up by 22.7% compared to a year earlier, while the benchmark apartment price rose by 16.8%, from year-ago levels, to $446,800.
The average price of homes sold in July 2022 was $713,271, a modest decline of 2.7% from July 2021.
The more comprehensive year-to-date average price was $849,961, up by 20.7% from the first seven months of 2021.
The dollar value of all home sales in July 2022 was $97.7 million, a significant decline of 35.9% from the same month in 2021.
The number of new listings saw a sizable gain of 29.1% from July 2021. There were 337 new residential listings in July 2022.
New listings were 4.3% above the five-year average and 11.7% above the 10-year average for the month of July.
Active residential listings numbered 445 units on the market at the end of July, more than double the levels from a year earlier, rocketing up 123.6% from the end of July 2021.
Active listings were 17.2% above the five-year average and 1% above the 10-year average for the month of July.
Months of inventory numbered 3.2 at the end of July 2022, up from the 1 month recorded at the end of July 2021 and above the long-run average of 2.2 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®
John Oddi
