Brantford Regional Real Estate Association MLS® home sales remain subdued despite strong new listings
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 181 units in June 2024. This was a sharp decrease of 14.2% from June 2023.
Home sales were 20.4% below the five-year average and 25.6% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 997 units over the first six months of the year. This was down by 6% 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 $675,000 in June 2024, a small reduction of 3.9% compared to June 2023.
The benchmark price for single-family homes was $699,700, falling by 4.2% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $577,100, a modest decline of 2.5% compared to a year earlier, while the benchmark apartment price was $384,000, up by 5.4% from year-ago levels.
The average price of homes sold in June 2024 was $709,246, a minor decrease of 2.9% from June 2023.
The more comprehensive year-to-date average price was $706,949, a slight reduction of 0.5% from the first six months of 2023.
The dollar value of all home sales in June 2024 was $128.4 million, a substantial decline of 16.7% from the same month in 2023.
The number of new listings saw a decline of 8.9% from June 2023. There were 389 new residential listings in June 2024.
New listings were 0.8% below the five-year average and 4.5% above the 10-year average for the month of June.
Active residential listings numbered 587 units on the market at the end of June, up by 24.6% from the end of June 2023. Active listings haven’t been this high in the month of June in a decade.
Active listings were 44.1% above the five-year average and 38% above the 10-year average for the month of June.
Months of inventory numbered 3.2 at the end of June 2024, up from the 2.2 months recorded at the end of June 2023 and above the long-run average of 1.8 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
