The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 145 units in March 2022. declining 13.7% from March 2021.
Home sales were 15.8% above the five-year average and 32.5% above the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 371 units over the first three months of the year. This was a modest decline of 2.4% (nine sales) from the same period in 2021.
“Home sales continued at a strong pace in March, down from last year’s astronomical record but still coming in well above all other years on record,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “We’ve finally got some much-needed relief on the supply side in the form of new listings, which we’re hoping to see even more of as we enter the spring market. Despite the surge of new supply in March, overall inventories are still hovering close to the lowest levels in history, which suggests that most of this additional supply is getting absorbed by home buyers who have been waiting for a greater availability of listings.”
The average price of homes sold in March 2022 was $522,605, up by 25.3% from March 2021.
The more comprehensive year-to-date average price was $507,600, an increase of 29.1% from the first three months of 2021.
The dollar value of all home sales in March 2022 was $75.8 million, a moderate gain of 8.2% from the same month in 2021. This was also a new record for the month of March.
The number of new listings increased by 6.4% (12 listings) from March 2021. There were 199 new residential listings in March 2022. This was the largest number of new listings added in the month of March in a decade.
New listings were 29.4% above the five-year average and 20.8% above the 10-year average for the month of March.
Active residential listings numbered 101 units on the market at the end of March, a gain of 29.5% from the end of March 2021.
Active listings were 29.7% below the five-year average and 67.4% below the 10-year average for the month of March.
Months of inventory numbered 0.7 at the end of March 2022, up from the 0.5 months recorded at the end of March 2021 and below the long-run average of 3.3 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.