Brandon housing sales reflect ‘balanced’ market
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Hey there, time traveller!
This article was published 10/07/2024 (632 days ago), so information in it may no longer be current.
Brandon’s housing market has seen moderate price shifts and evolving buyer preferences so far this summer, says Brandon Area Realtor executive officer Michael Barrett.
Barrett said the market has been maintaining a steady pace of activity, reflecting the real estate dynamics in the region.
“The market at the end of June 2024 has been described as ‘balanced’ by the Canadian Real Estate Association,” he said in an email. “This equilibrium suggests a market that neither strongly favours buyers nor sellers, with both sales unit numbers and median prices showing slight declines compared to 2023.”
Comparable to trends observed in larger markets like Winnipeg, he said, Brandon has seen its share of bidding wars and properties selling above asking price, although to a lesser extent.
“In June, approximately 25 per cent of residential properties sold went for more than the listed price, up from 10 per cent in 2023 but down from 27 per cent in 2022,” he said. “This trend highlights a growing popularity of offer scheduling among buyers.”
The trend, he said, is influenced by factors beyond price alone, including “chattels” included in the sales contract versus what was being offered, as well as many other less tangible factors that aren’t reflected necessarily in the selling price stats.
Potential home buyer Abiona Johnson, who is in the process of buying a property close to one of the post-secondary institutions in the city, shared his sentiments about the current market dynamics.
“I’ve noticed a lot of interest in smaller homes closer to schools, which is the reason I am considering it, too,” he said. “I observe people are valuing the economic advantage of owning property around schools targeting students. Most of the property owners make more letting rooms to students compared to single-family.”
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