1 October 2021
Category Uncategorised
1 October 2021,
 Off
The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 175 units in October 2021. This was a jump of 35.7% from October 2020. This was also a new sales record for the month of October.
Home sales were 27% above the five-year average and 45.2% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled a record 1,553 units over the first 10 months of the year. This was a substantial gain of 36% from the same period in 2020.
“The blistering pace of sales activity continued unabated in October, with home sales reaching not only the highest October on record but also the second highest level of any month in history,” said Laura Tourangeau, President of the Chatham-Kent Association of REALTORS®. “New listings are not matching the level of demand out there among prospective homebuyers, so overall inventories remain near record lows. This extreme lack of supply is enabling year-over-year price gains to remain in the strong double digits.”
The average price of homes sold in October 2021 was $443,538, an advance of 35.6% from October 2020.
The more comprehensive year-to-date average price was $415,538, up sharply by 35.6% from the first 10 months of 2020.
The dollar value of all home sales in October 2021 was $77.6 million, a substantial increase of 84% from the same month in 2020. This was a new record for the month of October and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a sizable gain of 13.5% from October 2020. There were 176 new residential listings in October 2021. This was the largest number of new listings added in the month of October in more than five years.
New listings were 8.6% above the five-year average and 3.3% above the 10-year average for the month of October.
Active residential listings numbered 168 units on the market at the end of October, increasing by 21.7% from the end of October 2020.
Active listings were 20.5% below the five-year average and 54.9% below the 10-year average for the month of October.
Months of inventory numbered 1 at the end of October 2021, down from the 1.1 months recorded at the end of October 2020 and below the long-run average of 3.4 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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