The number of homes coming on the market continues to set records in Chatham-Kent as residential sales remain healthy.
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The 114 units sold in September through the Multiple Listing Service of the Chatham-Kent Association of Realtors was up 15 units from September 2023, stated a media release.
Home sales were seven percent below the five-year average and 7.1 per cent below the 10-year average for the month of September, the association said. On a year-to-date basis, home sales totaled 999 units over the first nine months of the year, which is up by 4.1 percent from the same period in 2023.
The number of new listings soared by 37.5 per cent from September 2023, CKAR reports. The 275 new residential listings in September was also the largest number of new listings added in the month of September in history.
New listings were nearly 30 per cent above the five-year average and 44.4 per cent above the 10-year average for the month of September.
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“Sales activity upheld the momentum built over the past several months, continuing to move closer back to more normal levels for this time of year,” said CKAR president Carrie Patrick in the release
“The other major story was with new listings, which set the highest level on record by far of any September in history and marking the first time new listings had surpassed 250 in this month,” Patrick said.
“However, with overall inventories rising but not reporting as impressive of a spike, it is likely that many of these listings were re-priced and re-listed as sellers become increasingly motivated to attract buyers,” she added.
The average price of homes sold in September was $437,254, a minor increase of 1.2% from September 2023, the association said. The most comprehensive year-to-date average price was $427,759, a small reduction of one per cent from the first nine months of 2023.
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The dollar value of all home sales in September was $49.8 million, increasing by 16.5 per cent from the same month in 2023.
Active residential listings numbered 478 units on the market at the end of September, up by 24.2 per cent from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years, CKAR reported.
Active listings were 48.8 per cent above the five-year average and 40.2 per cent above the 10-year average for the month of September.
Months of inventory numbered 4.2 at the end of September, up from the 3.9 months recorded at the end of September 2023 and above the long-run average of three months for this time of year, CKAR reports. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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