While the number of homes sold in Chatham-Kent continues to decline, housing inventory in the municipality is at its highest level in years.
According to the Chatham-Kent Association of Realtors, 171 homes were listed for sale last month, which was the largest number of new listings added in the month of November in more than two decades.
As well, there were 359 active residential listings at the end of November, which is a 133.1 per cent increase compared to November of 2021. Active listings haven’t been this high in the month of November in more than five years.
“New listings have been coming in at some of the strongest levels in history, building on momentum that began in late 2020. Combined with subdued demand, this has raised overall inventory levels up from their record lows earlier this year back on par with where they stood in the third quarter of 2016,” said Amber Pinsonneault, president of the realtors association, in a news release. “A better-supplied market with a balance tilted in favour of buyers should start to see some would-be home buyers come back off the sidelines as we move into early 2023.”
A total of 92 homes sold last month, which is a 39.5 per cent decline compared to the same time in 2021. Home sales were 18.9 per cent below the five-year average and 10 per cent below the 10-year average for the month of November.
“Home sales are still running well below typical levels for this time of year, although the monthly trend is showing signs of improvement since the market bottomed out in June,” said Pinsonneault.
The average price of homes sold last month was $386,383, down by 13.8 per cent from November 2021.