The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 142 units in May 2022. This was down sharply by 17.4% from May 2021.
Home sales were 1.1% above the five-year average and 0.8% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 652 units over the first five months of the year. This was a decrease of 8.3% from the same period in 2021.
“Sales activity was down from the record May last year but still managed to post a typical showing for this time of year. Many other markets in the province are currently trending below average levels for sales activity at the moment,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “The huge boost in new supply coming onto the market was a welcome sign, although overall available inventories are still trending close to their record lows. If the strength in new listings keeps up as demand moderates in response to the recent interest rate increases, we may see a move back to more balanced market conditions through the second half of 2022.”
The average price of homes sold in May 2022 was $475,985, a notable gain of 22.4% from May 2021.
The more comprehensive year-to-date average price was $498,819, increasing by 25.2% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $67.6 million, a modest gain of 1% from the same month in 2021. This was a new record for the month of May.
The number of new listings was up by 12.6% from May 2021. There were 260 new residential listings in May 2022. This was the largest number of new listings added in the month of May in more than five years.
New listings were 28.5% above the five-year average and 19.9% above the 10-year average for the month of May.
Active residential listings numbered 203 units on the market at the end of May, a significant increase of 36.2% from the end of May 2021.
Active listings were 1.1% above the five-year average and 46.4% below the 10-year average for the month of May.
Months of inventory numbered 1.4 at the end of May 2022, up from the 0.9 months recorded at the end of May 2021 and below the long-run average of 2.8 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.