May is traditionally one of the busiest months in Brantford residential real estate. We are only halfway through but already 79 deals have been made (compare that to January of this year, 77 deals for the whole month). There have been 130 new listings so far which is allowing inventory levels to rise slightly – now currently at 437 homes available. 57% of these home sold in under 30 days! Wow.
The hot neighborhoods right now are: West Brant in the $250,000 – $300,000 price range, and Lynden Hills in the $200,000 – $250,000. The trend I see not only in the numbers but out there in the trenches is that the turn-key (move-in ready) homes that are accuratly priced are selling very quickly. Competition is strong for quality properties accross the city in the $175,000 – $225,000 price range. I’ve been involved in several multiple-offer situations already this month.
What does this mean to you? Well I’m starting to sound like a brokern record but the message is clear for buyers, sellers, and owners.
For Buyers: Speed of information and action is key – ensure you are using your private search account to get the latest data and book property viewings quickly – the best homes are selling very quickly.
For Sellers: Demand is high, but buyers are still savey. If you want a premium price for your home you need to offer a premium product through upgrades, home staging, and marketing. The biggest group of buyer today are looking for move-in ready homes – not projects.
Home Owners: You should be rubbing your hands. After a couple slow years of growth on property prices here in Brantford the conditions are putting upward preasure on prices.
Based on historical data we should see the strong demand continue through July/August and begin to slow over the fall. A looming interest rate hike from the Bank of Canada could casue some buyers to rethink their move – but overall I predict these strong market conditions to continue throughout the year.