Home sales last month were up significantly across Chatham-Kent from last year, a local realtors’ group says.
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The 114 units sold in October via the Chatham-Kent Association of Realtors’ Multiple Listing Service was a jump of 37.3 per cent from October 2023, the association said in its monthly market snapshot.
But home sales were 6.9 per cent below the five-year average and 6.3 per cent below the 10-year average for October.
But the 1,113 units sold in the first 10 months of this year was up 6.7 per cent from the same period last year, the group said.
“Sales activity has been building momentum unevenly since the beginning of the year, with many up-and-down movements from month to month, but still presenting a definite upward trend,” association president Carrie Patrick said.
Last month’s 233 new residential listings were the most for the month in more than 15 years, she added, with sellers “champing at the bit for the long-awaited return of buyers into the market.”
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New listings were up 7.9 per cent from a year ago, 14.2 per cent above the five-year average and 24.7 per cent above the 10-year average for the month, the group said.
There were 469 active residential listings on the market at month’s end, up 17.5 per cent from late October 2023 and the most in October in more than five years, the association said.
Active listings were 46.6 per cent above the five-year average and 41.3 per cent above the 10-year average for the month of October.
“We expect the market will calm down as it normally does into late fall and through the winter, although if interest rates continue to decline, we may see a stronger-than-normal seasonal pattern emerge on the demand side,” Patrick said.
The average price of homes sold in October 2024 was $413,012, up 0.9 per cent from October 2023, CKAR said. The year-to-date average price was $426,185, down only 0.9 per cent from the first 10 months of 2023.
Dollar value of all home sales in October 2024 was $47.1 million, up 38.6 per cent from the same month in 2023.
There were 4.1 months of inventory at the end of October, down from 4.8 months a year ago, but above the long-run average of three months for this time of year, the association said. That’s a measure of how long it would take to sell current inventories at current sales rates.
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