A month of low home sales and an increase in new listings show a "glimpse of stability in inventory" in Chatham-Kent, however prices continue to soar.
The Chatham-Kent Association of Realtors said 129 units were sold in October, which is down 6.5 per cent compared to the same time last year. On a year-to-date basis, home sales are3 down 3.8 per cent.
Although home sales slowed down for the month of October, the average price set a new record at $329,495. That's an increase of 33.3 per cent from October 2019. The year-to-date average price of a home was $305,327, which is up 21.6 per cent increase compared to the first 10 months of 2019.
More homes were put on the market in October with 156 new listings, an increase of 6.8 per cent on a year-over-year basis.
“New listings outpaced sales this past month, helping to stabilize the declining the number of active listings," said Michael Gibbons, president of the Chatham-Kent Association of Realtors. "However, current overall inventory is still hovering only slightly above the lowest levels in history."
By the end of October, there were 138 active listings which is down 35.2 per cent from the same time last year.
