The housing market in Brampton is extremely active right now, with plenty of buyers as well as plenty of sellers. We’re currently seeing houses go for an average of 99% of their asking price with an extremely short average days on market of 16 days. Buyers are getting what they want at good prices, and similarly, sellers are getting what they’re asking, and quickly. We’re seeing a much stronger market this year than we were last year in march.
In March 2015, Brampton had 1,310 new listings on the market. 805 active listings and had 824 homes sold for the month of March.
Market Statistics March 2014 vs 2015
Last year in March 2014, the average selling price for a home was $430,963. This year March 2015, the average selling price of a home is $475,570. This represents an average selling price increase of around 10.5% which is higher than average.
- 2014: selling on average at the price of $499,749, average time on market before sold was 21 days.
- 2015: are currently selling for $555,577; the average time on market is now 15 days
Semi Detached Homes
- 2014: sold on average at the price of $382,650, average time on market before sold was 17 days.
- 2015: are currently selling for $422,420; the average time on market is now 13 days.
- 2014: sold on average at the price of $374,288, average time on market before sold was 14 days.
- 2015: are currently selling for $395,986, the average time on market being 11 days.
- 2014: sold on average at the price of $285,358, average time on market before sold was 23 days.
- 2015: are currently selling for $301,912;the average time on market is 24 days.
Summary: As the above data clearly suggests, the market is very hot right now compared from last year at the same time. In March 2014, the average time it took for a house to sell fro the day the contract was signed to the final closing day was 20 days. The same process this year in March 2015 is 4 days faster at 16 days. The reason for these price increases are due to supply and demand, inventory is low and demand is high. Currently, it’s a good time for both buyers and sellers, which a slight edge going to a sellers market as the demand is a little higher than the supply.
How do I use these market statistics?
Good question, we’ve decided at MyBramptonLife that we’re going to be releasing monthly market updates for the Brampton Realty market to help keep you updated on the trends and whether or not it is a good time to buy or sell property. Each month we’ll be comparing data in comparison to the same month last year, as well as to the year overall to help you get a sense of how the market is currently doing. Change in certain statistics like average days on market, average selling price, amount of listings vs amount of listings that actually sold, etc can help give you a good idea of what exactly buyers are looking for, and whether or not there are a lot of sellers.
– For example, if there are a lot of unsold listings (generally this will result in a high average days on market as well) then you can be pretty sure that there are more sellers in the market than buyers
– Conversely, listings selling very quickly (low days on market) indicate of course that there is more demand then there is supply for certain types of homes or homes in specific areas.
This data was collected in accordance with BREB regulation.