The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 105 units in October 2022. This was a large decline of 39.7% from October 2021.
Home sales were 21.6% below the five-year average and 12.3% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 1,180 units over the first 10 months of the year. This was a large decline of 23.9% from the same period in 2021.
“Looking through the monthly seasonal trends home sales appear to have stabilized at lower levels since bottoming out in June earlier this year. Year-over-year gains will continue to be outsized as we compare current subdued activity to record-high levels from 2021,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “New listings are trending at some of the highest levels in history. Combined with lower demand this is providing some much-needed relief to formerly depleted inventories, which are now back up to levels not seen since the autumn of 2016.”
The average price of homes sold in October 2022 was $389,318, falling 12.1% from October 2021.
The more comprehensive year-to-date average price was $470,221, advancing by 13.2% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $40.9 million, down sharply by 47% from the same month in 2021.
The number of new listings saw an increase of 24.4% from October 2021. There were 219 new residential listings in October 2022. This was the largest number of new listings added in the month of October in more than a decade.
New listings were 26.7% above the five-year average and 26.5% above the 10-year average for the month of October.
Active residential listings numbered 386 units on the market at the end of October, more than double the levels from a year earlier, leaping 125.7% from the end of October 2021. Active listings haven’t been this high in the month of October in more than five years.
Active listings were 70.2% above the five-year average and 10.9% above the 10-year average for the month of October.
Months of inventory numbered 3.7 at the end of October 2022, up from the 1 month recorded at the end of October 2021 and above the long-run average of 3.2 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.