The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 92 units in November 2022. This was a substantial reduction of 39.5% from November 2021.
Home sales were 18.9% below the five-year average and 10% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 1,271 units over the first 11 months of the year. This was a significant decrease of 25.4% from the same period in 2021.
“Home sales are still running well below typical levels for this time of year, although the monthly trend is showing signs of improvement since the market bottomed out in June,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “On the supply side, new listings have been coming in at some of the strongest levels in history, building on momentum that began in late 2020. Combined with subdued demand, this has raised overall inventory levels up from their record lows earlier this year back on par with where they stood in the third quarter of 2016. A better supplied market with a balance tilted in favour of buyers should start to see some would-be home buyers come back off the sidelines as we move into early 2023.”
The average price of homes sold in November 2022 was $386,383, down sharply by 13.8% from November 2021.
The more comprehensive year-to-date average price was $464,453, an increase of 11.1% from the first 11 months of 2021.
The dollar value of all home sales in November 2022 was $35.5 million, a big decline of 47.8% from the same month in 2021.
The number of new listings edged up 0.6% (one listing) from November 2021. There were 171 new residential listings in November 2022. This was the largest number of new listings added in the month of November in more than two decades.
New listings were 22.5% above the five-year average and 29.6% above the 10-year average for the month of November.
Active residential listings numbered 359 units on the market at the end of November, more than double the levels from a year earlier, surging 133.1% from the end of November 2021. Active listings haven’t been this high in the month of November in more than five years.
Active listings were 75% above the five-year average and 13.1% above the 10-year average for the month of November.
Months of inventory numbered 3.9 at the end of November 2022, up from the 1 month recorded at the end of November 2021 and above the long-run average of 3.7 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.