Chatham-Kent saw a modest gain in home sales in September, compared to the same time last year, local real estate officials say.
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The number of homes sold through the MLS system of the Chatham-Kent Association of Realtors totaled 98 units last month. This was an increase of 7.7 per cent from 2022.
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Home sales were 20.3 per cent below the five-year average and 17.6 per cent below the 10-year average for the month. On a year-to-date basis, sales totaled 937 units over the first nine months of the year. This was a drop of 12.8 per cent from last year.
“Sales activity was still trending below average levels for this time of year, but posted a year-over-year gain,” association president Matt Bechard said in a release.
“Meanwhile, new listings appear to have topped out and are slowly trending downward. Combined with stronger sales, this means that overall inventories are also topping out and have started to come down from their recent peak. On the price side we’re still down from last year’s astronomical records, but otherwise average price levels have been holding up fairly well.”
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The average price of homes sold last month was $431,471, down 0.5 per cent from September 2022. The more comprehensive year-to-date average price was $433,164, down by 9.4 per cent from the first nine months of last year.
The dollar value of all sales in September was $42.3 million, an increase of 7.1 per cent from the same month in 2022.
The number of new listings saw a reduction of 0.5 per cent from September 2022. There were 194 new residential listings last month. New listings were five per cent above the five-year average and 10.5 per cent above the 10-year average for the month.
Active residential listings numbered 366 units on the market at the end of last month, decreasing by 2.4 per cent from the end of September last year. Active listings were 38.2 per cent above the five-year average and 6.8% above the 10-year average for the month.
Months of inventory numbered 3.7 at the end of last month, down from the 4.1 months recorded at the end of September 2022, and above the long-run average of three 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.
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