Home sales across Chatham-Kent continued to slow down in September.
The Chatham-Kent Association of Realtors says the 91 units sold last month was nearly a 40 per cent drop from the number of homes sold in September 2021.
Home sales were 26.8 per cent below the five-year average and 21.9 per cent below the 10-year average for the month of September.
On a year-to-date basis, home sales totalled 1,075 units over the first nine months of the year, a significant decrease of 21.9 per cent from the same period in 2021.
"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 Chatham-Kent Association of Realtors President Amber Pinsonneault. “Because of lower demand over the past several months, overall supply levels are moving up and away from record lows. If this trend continues into the future, buyers will have more selections to choose from in their home buying journey.
According to the association, the average price of homes sold in September totalled $433,726. That's a 6.1 per cent dip from the same month last year.
The more comprehensive year-to-date average price was $478,132, an increase of 16.1 per cent from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $39.5 million, which was a large decline, about 43.4 per cent, from the same month in 2021.
"New listings were 11.8 per cent above the five-year average and 10.5 per cent above the 10-year average for the month of September," read a release with the monthly sales statistics.
Active residential listings numbered 370 units on the market at the end of September, a gain of nearly 78 per cent from the end of September 2021.
"Active listings haven't been this high in the month of September in more than five years," the release read.
Months of inventory numbered 4.1 at the end of September 2022, a jump from the 1.4 months recorded at the end of September 2021 and above the long-run average of 3.5 months for this time of year.
