The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 116 units in July 2022. This was a significant reduction of 32.2% from July 2021.
Home sales were 17.5% below the five-year average and 10.9% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 866 units over the first seven months of the year. This was a decrease of 18.9% from the same period in 2021.
“Home sales fell below their five and 10-year average in July as higher mortgage rates and market uncertainty have taken hold, although sales did post a small rebound from even lower levels recorded in June,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “There’s been quite a bit of rebalancing in the market as inventories have risen from rock-bottom levels and new supply is now trending at record levels. We expect overall inventories to continue rising in the near term as buyers adapt to new affordability constraints vis-à-vis rising mortgage rates and sellers adjust their pricing expectations in this new environment.”
The average price of homes sold in July 2022 was $493,103, up by 20.1% from July 2021.
The more comprehensive year-to-date average price was $490,417, an increase of 22% from the first seven months of 2021.
The dollar value of all home sales in July 2022 was $57.2 million, a reduction of 18.5% from the same month in 2021.
The number of new listings was up by 25.5% from July 2021. There were 271 new residential listings in July 2022. This was also the largest number of new listings added in the month of July in history.
New listings were 37.6% above the five-year average and 34.7% above the 10-year average for the month of July.
Active residential listings numbered 351 units on the market at the end of July, more than double the levels from a year earlier, surging 130.9% from the end of July 2021. Active listings haven’t been this high in the month of July in five years.
Active listings were 54.4% above the five-year average and 11.4% below the 10-year average for the month of July.
Months of inventory numbered 3 at the end of July 2022, up from the 0.9 months recorded at the end of July 2021 and below the long-run average of 3.3 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.