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Chatham-Kent home sales continued to set records in November.
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The 154 units sold last month through the Multiple Listing System of the Chatham-Kent Association of Realtors set a November record. Home sales not only surpassed November 2020 by nearly 15 per cent, but were 27.7 per cent above the five-year average and 50.5 per cent above the 10-year average for the month, according to a news release.
The total dollar value of all homes sold in November rang in at $ 69.1 million, up more than 55 per cent from November 2020.
The average price of homes sold in November was $ 448,595. That was up nearly 35 per cent from November 2020, stated the release. The more comprehensive year-to-date average house price of $ 418,520 is up 35.4 per cent from the first 11 months of 2020.
On a year-to-date basis, home sales totalled a record 1,707 units over the first 11 months of the year, up 33.8 per cent from the same period in 2020.
“Home sales jumped to the highest November in history on the back of an ongoing resurgence in new listings,” said association president Laura Tourangeau. “With just one month left to go, we’ve already set a new annual sales record in 2021.
“One important difference between our market and many others in southern Ontario is that we’ve seen a much-needed return of new listings, which has helped to satiate the unrelenting levels of demand out there among home buyers. Make no mistake though, listings are currently just keeping pace with demand and overall supply levels are still trending at historical lows. ”
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The number of new listings increased 28.8 per cent from November 2020. There were 170 new residential listings in November 2021, which was the largest number of new listings added in the month of November in two decades, the release said.
New listings were 34.7 per cent above the five-year average and 29.2 per cent above the 10-year average for the month of November.
Active residential listings numbered 148 units on the market at the end of November, an increase of 24.4 per cent from the end of November 2020. However, active listings were still 19 per cent below the five-year average and 56.8 per cent below the 10 -year average for the month of November.
There was one month of inventory at the end of November, up from the 0.9 months recorded at the end of November 2020 and below the long-run average of four months for this time of year. 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.