Chatham-Kent Association of REALTORS® MLS® home sales slow in September

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 91 units in September 2022. This was a substantial reduction of 39.7% from September 2021.
Home sales were 26.8% below the five-year average and 21.9% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 1,075 units over the first nine months of the year. This was a significant decrease of 21.9% from the same period in 2021.
“As with many other markets across Ontario, home sales are trending below typical levels for this time of year as rising interest rates hamper demand,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “Because of lower demand over the past several months, overall supply levels are moving up and away from record lows. If this trend continues into the future, buyers will have more selection to choose from in their home buying journey.”
The average price of homes sold in September 2022 was $433,726, down by 6.1% from September 2021.
The more comprehensive year-to-date average price was $478,132, an increase of 16.1% from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $39.5 million, a large decline of 43.4% from the same month in 2021.
The number of new listings decreased by 7.6% from September 2021. There were 195 new residential listings in September 2022.
New listings were 11.8% above the five-year average and 10.5% above the 10-year average for the month of September.
Active residential listings numbered 370 units on the market at the end of September, an advance of 77.9% from the end of September 2021. Active listings haven’t been this high in the month of September in more than five years.
Active listings were 54.9% above the five-year average and 0.7% above the 10-year average for the month of September.
Months of inventory numbered 4.1 at the end of September 2022, up from the 1.4 months recorded at the end of September 2021 and above the long-run average of 3.5 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.