Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 94 units in October 2015, down 19 per cent year-over-year, albeit from a near-record October last year.
On a year-to-date basis home sales numbered 1,093 units, running 2.5 per cent ahead of the first 10 months of 2014. This was the best figure since 2008. “Activity in October was running a handful of sales below the five and 10-year averages for the month so the market has quieted down a bit since the summer, but with just two months left to go this year we’re still on track for the best annual sales figure the region has seen in seven years,” said Jamie Winkler, President of the Chatham-Kent Association of REALTORS®. “With the combination of more sales and less inventory this year, the average home price is on track to post a gain of about five per cent in 2015. On a monthly basis, average prices are often quite volatile. October was a perfect example of that, with some big differences in the types of properties changing hands last year versus this year leading to a sharp year-over-year increase that’s really just a story about the changes in the sales mix.”
The average price of homes sold in October 2015 was a record $176,094, surging 22.9 per cent from October 2014. The less volatile year-to-date average sale price was $160,546, an increase of 4.9 per cent from 2014.