Chatham-Kent Association of REALTORS ® MLS ® home sales rise marginally in August as prices spike
The number of homes sold through the MLS ® System of the Chatham-Kent Association of REALTORS ® totaled 122 units in August 2023. This was a minor increase of 3.4% (four sales) from August 2022. Home sales were 11.6% below the five-year average and 11.7% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 839 units over the first eight months of the year. This was a large decline of 14.7% from the same period in 2022.
“Home sales recorded a small year-over-year gain in August as the monthly recovery has stalled and demand is basically moving sideways at the moment,”; said Matt Bechard, President of the Chatham-Kent Association of REALTORS ®. “New listings are still coming in at supportive levels but the market has gradually tightened. Prices are also recording stronger gains, with average price levels now back up to the highest readings since last July.”
The average price of homes sold in August 2023 was $468,100, increasing by 10.9% from August 2022.
The more comprehensive year-to-date average price was $433,374, a sharp decrease of 10.1% from the first eight months of 2022. The dollar value of all home sales in August 2023 was $57.1 million, up by 14.6% from the same month in 2022. The number of new listings saw a substantial decrease of 11.8% from August 2022.
There were 210 new residential listings in August 2023. New listings were 4.6% above the five-year average and 11.8% above the 10-year average for the month of August. Active residential listings numbered 386 units on the market at the end of August, a small gain of 1.6% (six listings) from the end of August 2022. Active listings haven’t been this high in the month of August in more than five years.
Active listings were 44.4% above the five-year average and 7.8% above the 10-year average for the month of August. Months of inventory numbered 3.2 at the end of August 2023, unchanged from the3.2 months recorded at the end of August 2022 and above the long-run average of 2.7 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.
For more information contact CKAR 2023 President Matt Bechard at (226) 998-7653