The local real estate industry is waiting to see if a sharp drop in Chatham-Kent home sales in October is the start of a downturn or just an anomaly, a realtor group says.
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The Chatham-Kent Association of Realtors (CKAR) said 81 units sold through its listing system last month, down 22.1 per cent from October 2022.
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Home sales were also 35.4 per cent below the five-year average and 31.5 per cent below the 10-year average for October, the association said in its monthly update.
“Sales activity posted a sharp and unexpected drop in October. . . ,” CKAR president Matt Bechard said in the release. “We’re waiting to see whether this is the beginning of a protracted downturn or just a one-off.”
New listings are trending near record levels and overall inventories are well above their record lows, but still below historical norms, he added.
“Along with average price levels that have come down from last year’s peak and a market balance. . . tilted slightly in favor of buyers, conditions are welcoming to potential home seekers once they decide to come off the sidelines,” Bechard said.
October home sales totalled $32.9 million, down 19.3 per cent from the same month in 2022, CKAR said.
There were 211 new residential listings last month, seven fewer than in October 2022, the association said. But new listings were 16.4 per cent above the five-year average and 20 per cent above the 10-year average.
The 383 active residential listings on the market at the end of October were down seven listings from the end of October 2022.
Active listings were 49.4 per cent above the five-year average and 16.7 per cent above the 10-year average for October.
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