Chatham-Kent Association of REALTORS® MLS® home sales remain below average, new listings still coming in strong in November

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 72 units in November 2023. This was a substantial decrease of 21.7% from November 2022.
Home sales were 34.4% below the five-year average and 29.8% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 1,089 units over the first 11 months of the year. This was a large decline of 14.3% from the same period in 2022.
“Home sales took another step down from last year’s levels and look to be finishing the year on a downward note,” said Matt Bechard, President of the Chatham-Kent Association of REALTORS®. “With sales and new listings trending in opposite directions it appears that buyers are once again moving to the sidelines and holding off on any purchasing decisions until perhaps the spring, while sellers are out in force doing what they can to attract any offers. With buyers currently holding the upper hand in negotiations we may not see any reversal in this trend until next year, but in the meantime, there are plenty of properties available at prices that are generally lower than they have been in almost three years. Sellers along with buyers face significant challenges in managing the rapid increase that we have seen in interest rates within such a short period of time. The average household has seen a reduction in their discretionary spend as more dollars go towards servicing mortgage debt, not to mention other inflationary pressures as the cost of goods and services have also increased. Chatham-Kent council approved a 5.53 percent tax increase for 2024 resulting in an average increase of approximately $185 per household.”
The average price of homes sold in November 2023 was $398,433, increasing by 3.1% from November 2022.
The more comprehensive year-to-date average price was $429,052, a decline of 7.6% from the first 11 months of 2022.
The dollar value of all home sales in November 2023 was $28.7 million, down sharply by 19.3% from the same month in 2022.
The number of new listings saw a minor decrease of 1.2% (two listings) from November 2022. There were 167 new residential listings in November 2023.
New listings were 10.9% above the five-year average and 24% above the 10-year average for the month of November.
Active residential listings numbered 385 units on the market at the end of November, a moderate gain of 6.1% from the end of November 2022. Active listings haven’t been this high in the month of November in more than five years.
Active listings were 60% above the five-year average and 27.7% above the 10-year average for the month of November.
Months of inventory numbered 5.3 at the end of November 2023, up from the 3.9 months recorded at the end of November 2022 and above 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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For more information contact CKAR 2023 President Matt Bechard at (226) 998-7653

Matt is Broker of Record and Co-owner of Match Realty Inc. He has always had a strong passion for Real Estate and is an avid Real Estate investor, specifically in Chatham. Matt holds a Bachelor of Commerce specialized in accounting and had previously worked in a Sales Leadership position for a fortune 500 company where he has further developed his negotiation and management skills. Matt is analytical and down to earth. He is excited to put his diverse skillset to use while serving the Board. He also is bilingual in French and English.

The Chatham-Kent Association of REALTORS® represents 225+ REALTORS® registered with its member offices. The geographical area served by the Board is the municipality of Chatham-Kent in the heart of southwestern Ontario