Fewer homes are changing hands in Chatham-Kent.
The latest report from the Chatham-Kent Association of Realtors shows through the month of October, 81 properties were sold, a drop of 22.1% compared to the same month last year.
Officials say home sales were 35.4% below the five-year average and 31.5% below the 10-year average for the month of October.
“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,” CKAR President Matt Bechard said in a news release. “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.
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
