Like the temperature lately, home sales in Chatham-Kent have dropped sharply.
The Chatham-Kent Association of Realtors (CKAR) reported on Tuesday that home sales posted a sharp decline of 22.1 per cent last month compared to a year ago with 81 homes sold in October 2023.
The association also said home sales were 35.4 per cent below the five-year average and 31.5 per cent below the 10-year average for the month of October.
A total of 1,018 homes were sold so far this year, a significant decrease of 13.7 per cent from the same period last year, according to CKAR.
"Sales activity posted a sharp and unexpected drop in October, something we’re waiting to see whether this is the beginning of a protracted downturn or just a one-off," said CKAR President Matt Bechard. "New listings are trending near record levels and overall inventories have risen well above their record lows but still below historical norms. Along with average price levels that have come down from last year’s peak and a market balance that is tilted slightly in favour of buyers, conditions are welcoming to potential home seekers once they decide to come off the sidelines."
The average price of homes sold in across Chatham-Kent in October 2023 was $406,636, up modestly by 3.7 per cent from October 2022. However, this year's overall average home price of $431,053 is down 8.4 per cent from last year's average price during the first 10 months of 2022.
CK realtors sold a total of $32.9 million worth of houses last month, a big reduction of 19.3 per cent from the same month a year ago, said CKAR.
The realtors association also reported 211 new homes up for sale last month, a decrease of 3.2 per cent or seven listings from October 2022.
According to CKAR, new listings were 16.4 per cent above the five-year average and 20 per cent above the 10-year average for the month of October.
They noted 383 homes were up for sale at the end of October, a modest decline of 1.8 per cent or seven listings from the end of October 2022, adding that active listings were 49.4 per cent above the five-year average and 16.7 per cent above the 10-year average for the month of October.
