Detached home price drop signals more competition as sales speed up in Brampton
Published April 4, 2024 at 12:01 pm
Prospective homebuyers could see some stiff competition on the market this spring as sales are speeding up in Brampton.
Detached homes tend to be the preferred pick for homebuyers in Brampton and are historically some of the most pricey properties on the market.
But the average price of a detached home in Brampton saw a 2.4 per cent drop last month, bringing the overall average price of all property types down to $1,028,297.
Detached homes also traded hands more quickly in March at just 15 days on the market, down from 23 days in February.
And with homes moving fast and likely to move even faster in the coming weeks, real estate website Zoocasa says buyers should be prepared for an even more competitive spring selling season.
Demand for detached properties held strong last month in Brampton with 256 home sales, making for a month-over-month increase of 13.8 per cent. Out of all property types, townhouse sales experienced the largest month-over-month increase in Brampton, rising by 37.5 per cent.
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When looking at the region as a whole, the numbers also show properties are spending less time on the market across Peel with a more than 28 per cent drop from 39 days in February to 28 days in March.
“With homes moving fast and likely to move even faster in the coming weeks, buyers should be prepared for a competitive spring,” Zoocasa says.
Home sales in Peel Region reached 1,161 last month, marking the first time since June 2023 that home sales crossed over the 1,000 mark – a sign that Zoocasa says means competition is increasing. But despite the increase in demand, the average home price remained relatively flat, increasing by 2.4 per cent to $1,062,171 in March.
To see some of the listings available now in Brampton visit www.zoocasa.com.
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