A record number of homes came on the market in Chatham-Kent last month as residential sales “maintained (a) strong showing,” the area realtors’ association says.
A record number of homes came on the market in Chatham-Kent last month as residential sales “maintained (a) strong showing,” the area realtors’ association says.
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The 114 units sold in September through the Chatham-Kent Association of Realtors’ Multiple Listing Service was up 15 from September 2023, an association release said.
Home sales were seven per cent below the five-year average and 7.1 per cent below the 10-year average for September, the group said. Year-to-date home sales totaled 999, up 4.1 per cent from the same period in 2023.
September’s 275 new residential listings were a record for the month, jumping 37.5 per cent from September 2023, the association said.
New listings were nearly 30 per cent above the five-year average and 44.4 per cent above the 10-year average for the month of September.
“Sales activity upheld the momentum built over the past several months, continuing to move closer back to more normal levels for this time of year,” association president Carrie Patrick said in the release.
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“The other major story was with new listings, which set the highest level on record by far of any September in history and marking the first time new listings had surpassed 250 in this month,” Patrick said.
“However, with overall inventories rising but not reporting as impressive of a spike, it is likely that many of these listings were repriced and relisted as sellers become increasingly motivated to attract buyers.”
The average price of homes sold in September was $437,254, a minor increase of 1.2 per cent from September 2023, the association said. The year-to-date average price was $427,759, down one per cent from the first nine months of 2023.
The dollar value of all home sales in September was $49.8 million, up 16.5 per cent from the same month in 2023.
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There were 478 active residential listings in the market at the end of September, up 24.2 per cent from the end of September 2023. Active listings haven’t been this high in September in more than five years, the association reported.
Active listings were 48.8 per cent above the five-year average and 40.2 per cent above the 10-year average for the month of September.
There were 4.2 months of inventory at the end of September, up from 3.9 months recorded a year ago and above the long-run average of three months for this time of year, the association said. The figure reflects how long it would take to sell current inventories at current sales rate.
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