Home sales in Chatham-Kent fell below average in July as the number of new listings shot up to a new record for the month.
According to the Chatham-Kent Association of Realtors, 116 units were sold in July, a decrease of 32 per cent compared to July of 2021
Home sales were 17.5 per cent below the five-year average and 10.9 per cent below the 10-year average for the month of July.
On a year-to-date basis, home sales totalled 866 units over the first seven months of the year in Chatham-Kent. According to the association, this is a decrease of 18.9 per cent from the same period in 2021.
"Home sales fell below their five and 10-year average in July as higher mortgage rates and market uncertainty have taken hold, although sales did post a small rebound from even lower levels recorded in June," said Amber Pinsonneault, President of the CK Association of Realtors. "There’s been quite a bit of rebalancing in the market as inventories have risen from rock-bottom levels and new supply is now trending at record levels. We expect overall inventories to continue rising in the near term as buyers adapt to new affordability constraints vis-à-vis rising mortgage rates and sellers adjust their pricing expectations in this new environment."
However, the number of new listings in Chatham-Kent was up by 25.5 per cent in July from July 2021.
There were 271 new residential listings in July 2022. This was also the largest number of new listings added in the month of July in history.
New listings were 37.6 per cent above the five-year average and 34.7 per cent above the 10-year average for the month of July.
The average cost of a home in Chatham-Kent also saw a jump in July.
The average price of homes sold in July was $493,103, up by 20 per cent from July 2021.
The more comprehensive year-to-date average price was $490,417, an increase of 22 per cent from the first seven months of 2021.
The dollar value of all home sales in July 2022 was $57.2 million, a reduction of 18.5 per cent from the same month in 2021.
