Brandon’s real estate market has more listings now than any time in the past 10 years, according to the latest Brandon Real Estate Board statistics.
“We have the same amount of buyers, but more sellers,” board president Cam Toews said Thursday. “It is finally moving us out of the sellers market.”
Toews described the first decade of the millennium as being a sellers market. Since 2011, it is has become more balanced.
The downside to more listings is that sellers will see their homes listed for longer.
The average cost of a single family home is $265,000 — up $6,000 from the previous year.
This small change in averages is due to having more high-cost houses being sold, not to rising house values, he said.
“If the same house was listed now as any time in the last two years, it would sell for almost the exact same price,” Toews said.
Meanwhile, prices of single family homes are fairly comparable with single family condos right now in Brandon.
In the past year, the average price of a condo was $256,000 — only $9,000 lower than the cost of a house.
“Brandon is interesting in that 20 years ago, there were hardly any condos here,” Toews said. “Most of the condos are newer, and less are conversions.”
Newer condos tend to cost more and therefore appear comparable to the cost of a house. This may not be the case in cities with older condos.
Toews said he doesn’t believe that flooding has affected the housing market.
“May in 2011 was slow, probably because people were preoccupied, but overall it did not affect the markets,” he said.
Since the start of flooding this year, the market has remained very similar to 2013. By July 23, 46 houses had been sold in Brandon; on the same day in 2013, 53 had been sold.
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Republished from the Brandon Sun print edition July 25, 2014