Chatham-Kent home sales post average September despite low inventory
Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® on a year-to-date basis, totalled 998 units over the first nine months of the year. This was down 4.5% from the same period in 2017.
“Home sales posted a healthy if average showing in September, above the 10-year average for the month and a little below the five-year average,” said Steve Carroll, President of the Chatham-Kent Association of REALTORS®. “Solid sales coupled with record-low supply is the main reason prices are running well above last year’s levels.”
The comprehensive year-to-date average price was $210,453, rising 15.7% from the first nine months of 2017.There were 143 new residential listings in September 2018. This edged down 2.7% on a year-over-year basis and was the lowest level for the month in 25 years.
Active residential listings numbered 249 units at the end of September. This was a decrease of 12.3% from the end of September 2017 and marked the lowest level on record for this time of the year.
Months of inventory numbered a record-low 2.3 at the end of September 2018, down a bit from the 2.5 months recorded at the end of September 2017 and well below the long-run average of 6.5 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.