Chatham-Kent Association of REALTORS® MLS® home sales remain subdued in July despite solid level of new listings

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 99 units in July 2023. This was down sharply by 14.7% from July 2022.
Home sales were 26.6% below the five-year average and 23.7% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 717 units over the first seven months of the year. This was a substantial decrease of 17.2% from the same period in 2022.

“Home sales posted a decline from year-ago levels and continued trending sideways on a monthly basis in July,” said Matt Bechard, President of the Chatham-Kent Association of REALTORS®. “On the supply side, new listings are coming in at healthy levels and although somewhat lower compared to historical averages, overall inventories are higher than they have been in about seven years. With a well-supplied market that is firmly in balanced territory.”

The average price of homes sold in July 2023 was $414,110, a large decline of 16% from July 2022.
The more comprehensive year-to-date average price was $427,465, a substantial decline of 12.8% from the first seven months of 2022.
The dollar value of all home sales in July 2023 was $41 million, a sharp decrease of 28.3% from the same month in 2022.
The number of new listings was down sharply by 15.9% from July 2022. There were 228 new residential listings in July 2023.

New listings were 10.6% above the five-year average and 11.1% above the 10-year average for the month of July.
Active residential listings numbered 390 units on the market at the end of July, an increase of 10.5% from the end of July 2022. Active listings haven’t been this high in the month of July in more than five years.

Active listings were 49.8% above the five-year average and 5.7% above the 10-year average for the month of July.

Months of inventory numbered 3.9 at the end of July 2023, up from the 3 months recorded at the end of July 2022 and above the long-run average of 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.