Another drop in the number of homes trading hands in Chatham-Kent.
According to the Chatham-Kent Association of Realtors, 105 homes were sold in October, a drop of 39.7% compared with the same month last year.
Home sales fell 21.6% below the five-year average and 12.3% below the ten-year average for the month.
“Looking through the monthly seasonal trends home sales appear to have stabilized at lower levels since bottoming out in June earlier this year. Year-over-year gains will continue to be outsized as we compare current subdued activity to record-high levels from 2021,” said Amber Pinsonneault, President of the Chatham-Kent Association of Realtors, in a news release.
CKREB figures show the number of new listings rose 24.4% from October 2021 with 219 new residential listings in October 2022. That marks the largest number of new listings added in the month of October in more than a decade.
“New listings are trending at some of the highest levels in history. Combined with lower demand this is providing some much-needed relief to formerly depleted inventories, which are now back up to levels not seen since the autumn of 2016,” Pinsonneault said.
The average price of homes sold in October 2022 was $389,318, falling 12.1% from October 2021.
Active residential listings numbered 386 units on the market at the end of October, more than double the levels from a year earlier, leaping 125.7% from the end of October 2021. Active listings haven’t been this high in the month of October in more than five years.