Chatham-Kent Association of REALTORS ® September Market Update
Chatham-Kent Association of REALTORS® MLS® home sales continue to build momentum in September
The number of homes sold through the MLS ® System of the Chatham-Kent Association of REALTORS ® totaled 98 units in September 2023. This was a moderate gain of 7.7% (seven sales) from September 2022.
Home sales were 20.3% below the five-year average and 17.6% below the 10-year average for the month of September. On a year-to-date basis, home sales totaled 937 units over the first nine months of the year. This was a substantial decline of 12.8% from the same period in 2022.
“Sales activity was still trending below average levels for this time of year but posted a year-over-year gain,” said Matt Bechard, President of the Chatham-Kent Association of REALTORS ®. “Meanwhile, new listings appear to have topped out and are slowly trending downward. Combined with stronger sales, this means that overall inventories are also topping out and have started to come down from their recent peak. On the price side we’re still down from last year’s astronomical records but otherwise average price levels have been holding up fairly well.”
The average price of homes sold in September 2023 was $431,471, down only 0.5% from September 2022. The more comprehensive year-to-date average price was $433,164, down by 9.4% from the first nine months of 2022. The dollar value of all home sales in September 2023 was $42.3 million, an increase of 7.1% from the same month in 2022.
The number of new listings saw a slight reduction of 0.5% (one listing) from September 2022. There were 194 new residential listings in September 2023. New listings were 5% above the five-year average and 10.5% above the 10-year average for the month of September.
Active residential listings numbered 366 units on the market at the end of September, decreasing by 2.4% (nine listings) from the end of September 2022. Active listings were 38.2% above the five-year average and 6.8% above the 10-year average for the month of September.
Months of inventory numbered 3.7 at the end of September 2023, down from the 4.1 months recorded at the end of September 2022 and above the long-run average of 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.