Sales Activity Stable In October
The gap between activity this year and last has closed. Meanwhile, new listings continue to decline from year-ago levels, causing inventories to be drawn down.
According to statistics provided by the Association, MLS® home sales activity was unchanged from one year earlier. Sales numbered 147 units in October 2009, on par with levels from October 2008. This is an improvement over the decreases in August (-15 per cent) and September (-7 per cent).
“Activity has improved considerably since the beginning of the year,” said Kathy Smith, President of the Brantford Regional Real Estate Association. “We expect sales activity will be up from year-ago levels in the months ahead.”
The dollar value of all MLS® home sales in October 2009 totalled $31.3 million, down one per cent from year-ago levels.
Total MLS® sales in Brantford numbered 157 units in October 2009, up three per cent from a year earlier. The total value of all MLS® sales activity amounted to $33.4 million, two per cent above levels recorded in October 2008.
The average price for MLS® home sales edged down one per cent year-over-year from the highest October on record to $212,771.
New residential listings on the Association’s MLS® system were down 25 per cent from year-ago levels to 242 units in October 2009. This is the fourth consecutive month in which the number of new listings is down from year-ago levels.
There were 770 active residential listings on the Association’s MLS® system at the end of October, 11 per cent below levels from a year earlier. This is the third consecutive decline in active listings, and the largest since January 2005.
There were 5.2 months of inventory at the end of October 2009, down from the same month last 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.
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.
Article Published by Kathy Smith, President BRREA