The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 158 units in October 2024. This was a moderate gain of 9.7% (14 sales) from October 2023.
Home sales were 18.6% below the five-year average and 21% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,588 units over the first 10 months of the year. This decreased by 5.7% 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 $676,000 in October 2024, a minor decrease of 2.7% compared to October 2023.
The benchmark price for single-family homes was $704,100, a small reduction of 2% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $561,600, falling by 7.6% compared to a year earlier, while the benchmark apartment price was $362,800, a decline of 6.6% from year-ago levels.
The average price of homes sold in October 2024 was $709,716, a modest decline of 1.5% from October 2023.
The more comprehensive year-to-date average price was $698,531, down modestly by 2.2% from the first 10 months of 2023.
The dollar value of all home sales in October 2024 was $112.1 million, an increase of 8.1% from the same month in 2023.
The number of new listings saw a moderate decrease of 4.5% from October 2023. There were 357 new residential listings in October 2024.
New listings were 16.7% above the five-year average and 22.2% above the 10-year average for the month of October.
Active residential listings numbered 685 units on the market at the end of October, increasing by 23% from the end of October 2023. Active listings haven’t been this high in the month of October in more than a decade.
Active listings were 69.6% above the five-year average and 65.1% above the 10-year average for the month of October.
Months of inventory numbered 4.3 at the end of October 2024, up from the 3.9 months recorded at the end of October 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.
Home sales were 18.6% below the five-year average and 21% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,588 units over the first 10 months of the year. This decreased by 5.7% 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 $676,000 in October 2024, a minor decrease of 2.7% compared to October 2023.
The benchmark price for single-family homes was $704,100, a small reduction of 2% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $561,600, falling by 7.6% compared to a year earlier, while the benchmark apartment price was $362,800, a decline of 6.6% from year-ago levels.
The average price of homes sold in October 2024 was $709,716, a modest decline of 1.5% from October 2023.
The more comprehensive year-to-date average price was $698,531, down modestly by 2.2% from the first 10 months of 2023.
The dollar value of all home sales in October 2024 was $112.1 million, an increase of 8.1% from the same month in 2023.
The number of new listings saw a moderate decrease of 4.5% from October 2023. There were 357 new residential listings in October 2024.
New listings were 16.7% above the five-year average and 22.2% above the 10-year average for the month of October.
Active residential listings numbered 685 units on the market at the end of October, increasing by 23% from the end of October 2023. Active listings haven’t been this high in the month of October in more than a decade.
Active listings were 69.6% above the five-year average and 65.1% above the 10-year average for the month of October.
Months of inventory numbered 4.3 at the end of October 2024, up from the 3.9 months recorded at the end of October 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.
Thinking About Pausing Your Home Search? Here’s Why You Should Reconsider…
There’s typically less competition during the holidays and winter.
Many buyers take a break during the holidays, which means fewer people are competing for the same homes. This could give you an advantage and help you avoid bidding wars—or even score a great deal!
Sellers are more motivated.
Sellers who list during the winter are often more motivated to close a deal, whether it’s due to timing or personal reasons. This could mean better negotiations and a chance to get a great house without all of the spring market competition.
Home prices are expected to rise as interest rates come down.
As interest rates come down, home prices continue to rise. So, if you’re holding off, waiting for interest rates to drop even further, keep in mind—you’ll face more competition and higher prices once more buyers jump back in. By buying now, you can get ahead of the crowd and start building equity sooner.
Tips for Selling This Holiday Season
Believe it or not, the holiday season can be a great time to sell your home and is often overlooked as a prime time to sell. Although fewer buyers may be in the market, the people looking are much more serious about finding a home within a specific timeframe. Below are a few tips for selling your home during the holiday season to help you sell quickly and for top dollar.
Simple staging for the holidays.
Homes can look their BEST during the holidays, but it’s important not to go overboard. Think clean and cozy. Too many decorations or anything too big for the space can distract potential buyers and make your home feel crowded or cluttered. Minimizing décor will make your home feel more spacious.
Price competitively.
Pricing your home correctly is crucial whenever you decide to sell, and the holidays are no different. Your agent can compare homes that have recently sold in your area with similar features and benefits to help you choose a fair listing price. It’s important not to overprice your home, as buyers may think you have an unreasonable expectation. This can lead to your home sitting on the market and selling for a lower price.
Professional photos.
Have photos or videos taken before your holiday decor is on display. Make an excellent first impression by getting plenty of flattering, high-quality photos of your home inside and out. Most people are starting their home search on their phones, so professional photography is crucial in making an impact.
And remember: Working with a REALTOR® who understands the current market trends can give you the edge you need for a smooth and successful transaction!
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