Chatham-Kent Association of REALTORS® MLS® home sales drop in June as new listings return to the market
The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 101 units in June 2022. This was a sharp decrease of 45.7% from June 2021.
Home sales were 25.3% below the five-year average and 24.1% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 752 units over the first six months of the year. This was down sharply by 16.2% from the same period in 2021.
“Home sales posted another year-over-year decline in June, continuing the moderation that began earlier this year in March. The outsized year-over-year decline in June is only partially a result of dampened activity this year – the rest of the magnitude stems from the abnormally high record set in the same month last year,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “New listings are coming back onto the market in stronger numbers as the year progresses. Combined with weaker demand, this is lifting overall inventories from their rock-bottom levels and allowing the market to rebalance itself. However, much uncertainty lies ahead regarding future interest rate increases and what impact these will continue to have on the housing market and even the economy.”
The average price of homes sold in June 2022 was $429,367, an increase of 5.5% from June 2021.
The more comprehensive year-to-date average price was $489,623, a sizable gain of 22.3% from the first six months of 2021.
The dollar value of all home sales in June 2022 was $43.4 million, a substantial reduction of 42.7% from the same month in 2021.
The number of new listings saw a gain of 14.6% from June 2021. There were 259 new residential listings in June 2022. This was the largest number of new listings added in the month of June in more than a decade.
New listings were 31.6% above the five-year average and 28.8% above the 10-year average for the month of June.
Active residential listings numbered 283 units on the market at the end of June, up sharply by 82.6% from the end of June 2021. Active listings haven’t been this high in the month of June in five years.
Active listings were 28.6% above the five-year average and 27.2% below the 10-year average for the month of June.
Months of inventory numbered 2.8 at the end of June 2022, up from the 0.8 months recorded at the end of June 2021 and below the long-run average of 3.1 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.