Chatham-Kent is continuing to see a decline in the number of homes sold, along with a decrease in prices.
The Chatham-Kent Association of Realtors said a total of 91 homes sold last month, which is a significant 39.7 per cent drop compared to September of 2021. The number of sales was also 26.8 per cent below the five-year average and 21.9 per cent below the 10-year average.
“As with many other markets across Ontario, home sales are trending below typical levels for this time of year as rising interest rates hamper demand,” said Amber Pinsonneault, president of the realtor association.
The average price of homes sold in September 2022 was $433,726, which is down by 6.1 per cent from the same time last year.
The number of new listings declined 7.6 per cent last month compared to last year, with 195 homes added to the market. However, there were 370 active residential listings at the end of last month, which is a massive 77.9 per cent increase in inventory compared to September 2021.
“Because of lower demand over the past several months, overall supply levels are moving up and away from record lows,” said Pinsonneault. “If this trend continues into the future, buyers will have more selection to choose from in their home buying journey.”
