Brantford Regional Real Estate Association MLS® home sales post stronger levels in October as new listings surge
The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 148 units in October 2023. This was a gain of 26.5% from October 2022.
Home sales were 28% below the five-year average and 25.5% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,673 units over the first 10 months of the year. This was down by 9.9% from the same period in 2022.
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 $690,300 in October 2023, a small gain of 1.7% compared to October 2022.
The benchmark price for single-family homes was $713,100, increasing by 1.9% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $607,800, a modest gain of 1.8% compared to a year earlier, while the benchmark apartment price was $384,000, down modestly by 2.2% from year-ago levels.
The average price of homes sold in October 2023 was $731,131, an increase of 9.9% from October 2022.
The more comprehensive year-to-date average price was $715,723, a large decline of 11.6% from the first 10 months of 2022.
The dollar value of all home sales in October 2023 was $108.2 million, a substantial gain of 39.1% from the same month in 2022.
The number of new listings saw an advance of 50.6% from October 2022. There were 360 new residential listings in October 2023. This was the largest number of new listings added in the month of October in more than three decades.
New listings were 24.1% above the five-year average and 32.3% above the 10-year average for the month of October.
Active residential listings numbered 514 units on the market at the end of October, up by 20.9% from the end of October 2022. Active listings haven’t been this high in the month of October in more than five years.
Active listings were 48.6% above the five-year average and 33.4% above the 10-year average for the month of October.
Months of inventory numbered 3.5 at the end of October 2023, down from the 3.6 months recorded at the end of October 2022 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
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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®
David De Dominicis