The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 102 units in January 2022. This was a minor decrease of 3.8% (four sales) from January 2021.
Home sales were 20.9% above the five-year average and 42.5% above the 10-year average for the month of January.
“January 2022 came in just four sales shy of tying the record for the same month last year, which was already an astronomical achievement,” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “Average price levels continue trending at or near historical peaks as demand remains incredibly strong due to many people relocating from larger city centres. This contributes to the fact that listing levels are at their lowest ever. With market tightness unlikely to see any relief in the near future, it will be interesting to see what, if any, impact rising rates will have once spring begins.”
The average price of homes sold in January 2022 was $457,160, increasing by 26.5% from January 2021.
The dollar value of all home sales in January 2022 was $46.6 million, up by 21.7% from the same month in 2021. This was also a new record for the month of January.
The number of new listings saw an increase of 14.1% (13 listings) from January 2021. There were 105 new residential listings in January 2022.
New listings were 7.4% above the five-year average and 13.9% below the 10-year average for the month of January.
Active residential listings numbered 62 units on the market at the end of January, a moderate decrease of 4.6% (three listings) from the end of January 2021. Active listings haven’t been this low in the month of January in more than three decades.
Active listings were 51.8% below the five-year average and 78.1% below the 10-year average for the month of January.
Months of inventory numbered 0.6 at the end of January 2022, unchanged from the 0.6 months recorded at the end of January 2021 and below the long-run average of 4.7 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.