Homes sales across Chatham-Kent along with new listings made huge gains in November from a year ago, reports the Chatham-Kent Association of Realtors
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The 109 units old last month through the Multiple Listing Service was a “substantial gain” of 45.3 per cent from November 2023, said a media release from the association.
However, home sales remained 5.2 per cent below the five-year average and 2.2 per cent below the 10-year average for the month of November, the association added. On a year-to-date basis, home sales totaled 1,222 units over the first 11 months of the year, which was a gain of 9.3 percent from the same period in 2023.
“Sales activity has been building momentum since the beginning of the year and November kept that rolling as sales were almost back on par with what we’d consider to be typical for this time of year,” said association president Carrie Patrick in the release.
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“New supply coming onto the market has remained strong, providing ample choice for buyers who are now coming back off the sidelines,” she added.
“Heading into the end of the year our market is quite active, which is a promising sign as we move through a winter where mortgage regulation changes and potentially lower interest rates could stoke activity even further,” Patrick said.
The average price of homes sold in November was $446,856, up by 10.4 per cent from November 2023, the association said. The most comprehensive year-to-date average price was $428,029, essentially unchanged, down just 0.1 per cent from the first 11 months of 2023.
The dollar value of all home sales in November was $48.7 million, a jump of 60.4 per cent from the same month in 2023, the association said.
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The 193 new residential listings in November were up 10.9 per cent from the year before, which is the largest number of new listings added in the month of November in more than two decades, the association said. New listings were 12.9 per cent above the five-year average and 32.6 per cent above the 10-year average for the month of November.
Active residential listings numbered 421 units on the market at the end of November, a modest gain of 14 listings from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years, the association said .
Active listings were 41.3 per cent above the five-year average and 38.6 per cent above the 10-year average for the month of November, the association added.
Months of inventory numbered 3.9 at the end of November, down from the 5.4 months recorded at the end of November 2023 and above the long-run average of three months for this time of year, the association said. 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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