| The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 81 units in October 2023. This was a substantial decline of 22.1% from October 2022. |
| Home sales were 35.4% below the five-year average and 31.5% below the 10-year average for the month of October. |
| On a year-to-date basis, home sales totaled 1,018 units over the first 10 months of the year. This was a significant decrease of 13.7% from the same period in 2022. |
| “Sales activity posted a sharp and unexpected drop in October, something we’re waiting to see whether this is the beginning of a protracted downturn or just a one-off,” said Matt Bechard, President of the Chatham-Kent Association of REALTORS®. “New listings are trending near record levels and overall inventories have risen well above their record lows but still below historical norms. Along with average price levels that have come down from last year’s peak and a market balance that is tilted slightly in favour of buyers, conditions are welcoming to potential home seekers once they decide to come off the sidelines.” |
| The average price of homes sold in October 2023 was $406,636, up modestly by 3.7% from October 2022. |
| The more comprehensive year-to-date average price was $431,053, a decrease of 8.4% from the first 10 months of 2022. |
| The dollar value of all home sales in October 2023 was $32.9 million, a big reduction of 19.3% from the same month in 2022. |
| The number of new listings decreased by 3.2% (seven listings) from October 2022. There were 211 new residential listings in October 2023. |
| New listings were 16.4% above the five-year average and 20% above the 10-year average for the month of October. |
| Active residential listings numbered 383 units on the market at the end of October, a modest decline of 1.8% (seven listings) from the end of October 2022. |
| Active listings were 49.4% above the five-year average and 16.7% above the 10-year average for the month of October. |
| Months of inventory numbered 4.7 at the end of October 2023, up from the 3.8 months recorded at the end of October 2022 and above the long-run average of 3.1 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. |
