Wondering what the market is actually doing? Here's some insight on the current market in Brandon and surrounding rural areas. If you'd like to discuss this further, please don't hesitate to give me a call!
Don't believe all the headlines you read. Many stories pertain to larger cities, which are quite a bit different than the smaller markets we have in rural Manitoba.
While the market does seem to be off to a slower start than experienced in 2022 and 2021, it's really returned to a more normal, more balanced state, similar to that of 2019 (which I quite enjoy!). However, homes that are well presented and well priced in the more popular price ranges in Brandon are still selling quickly, often with multiple offers. This is partly a result of a lack of listings on the market, which is quite low.
Take a look at the Quarter 1 comparisons for single family detached home sales for the past 5 years:
*ANW, BSW, CSE, DNE includes the rural areas immediately surrounding Brandon up to about 25 minutes. R32, R33, R34, R36 include the rural areas more than about 25 minutes to about 2 hours from Brandon. Avg DOM (sales) is the average days on market for the properties that have sold. All information is deemed to be correct but cannot be guaranteed. Generated by CREA and MLS*
The most active price range for single-family detached homes in Brandon is $200,000 to 300,000, which has seen double the number of sales year to date than the next more active range of $300,000 to 400,000.
Many of the rural communities further from Brandon have fewer active listings, but their number of sales remain relatively strong as does their average sale price, with days on market relatively quick at 100 days average.
Don't be fooled by the decrease in average price in the ANW, BSW, CSE, DNE areas immediately around Brandon - this area is a mixture of small rural residential properties as well as larger newer higher end properties located just outside of the city - a small amount of higher end sales, or a lack of them, can really skew the figures.
A decrease in average price doesn't necessarily mean home prices have dropped, you need to look closer at the number of properties selling in different price ranges - many buyers are simply purchasing in a lower price range.
As always, if you have any questions anytime, please don't hesitate to reach out!