Another month that saw plenty of new listings come up for sale could be a good sign real estate is moving toward a buyer’s market in Brampton.
Data from real estate website Zoocasa found that there were 1,348 new listings in Brampton in April, up more than 50 per cent from March and a 23 per cent compared to the same time last year.
Combined with prices that stayed relatively flat last month with a drop of 0.17 per cent for an average home price of $1,026,582, Zoocasa says market conditions are moving in favour of buyers in Brampton.
Of all the property types for sale in Brampton, Zoocasa found there were only 517 units trading hands – a sign that supply is currently higher than demand. More than half of those sales were in the detached home market, which tend to be the most popular and most expensive properties for sale in Brampton.
Of the 1,348 new listings in Brampton last month, 777 of those units were detached homes for an increase of 32 per cent. And with buyers taking their time and weighing their options, Zoocasa says the average time a listing stays on the market has increased to 19 days from 15 days in March.
Trends in the semi-detached home sector followed a similar suit last month with sales increasing to 108 units, up 10 per cent from March, while the average price dropped slightly by 0.36 per cent to $956,090. New semi-detached listings came in at 266 last month, up from 166 the previous month.
With back-to-back months seeing an influx of new listings in Brampton, real estate watchers are predicting stiff competition and a jump in the average cost of a home in coming months.
“Like in many other GTA cities, inventory and active listings have increased in Brampton, signaling (sic) that sellers are ready to make moves in this spring market,” Zoocasa says.
To see some of the listings available now in Brampton visit www.zoocasa.com.
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