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More homes changing hands in Brandon

By: Staff Writer

Thursday, Aug. 9, 2012 at 3:04 PM | Comments: 0

There was a record start to this year's real estate market in Brandon, but it has slowed down over the summer.

More than 1,000 homes have been bought and sold in Brandon so far this year — a third more so far than last year and the fastest first seven months ever recorded.

Statistics from the Brandon Real Estate Board show that 155 homes were sold in July, some 18 per cent higher than last year and the second-best July on record. In total, $28 million in home sales were recorded, about 14 per cent higher than last July.

However, the homes themselves were a little cheaper. The average price of homes sold in this past July was $180,902, down four per cent from a year earlier.

There are other signs of a slowdown, too. Only 176 new homes were listed in July, fully 25 per cent less than July 2011. At the beginning of August, there were 805 active residential listings in Brandon, down 16 per cent from levels reported at the same time last year.

The real estate board says that, at the current rate of sales, it would take just over five months to sell every house on the market — down from the more than seven months that it would have taken a year ago.

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