Chatham-Kent residential real estate market downturn continues

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The slowdown in the residential real estate market continued in September.

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The 91 units sold last month through the Chatham-Kent Association of Realtors was down nearly 40% from the number of homes sold in September 2021, according to a news release with monthly sales statistics.

This is the first time in a long time that sales have fallen below 100 units.

Home sales were 26.8% below the five-year average and 21.9% below the ten-year average for the month of September, according to the association’s statement.

Year-to-date home sales totaled 1,075 units in the first nine months of the year, a significant drop of 21.9% from the same period in 2021.

“As in many other markets in Ontario, home sales tend to be below typical levels for this time of year as rising interest rates hamper demand,” said the president of the association, Amber Pinsonneault, in the press release.

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“Due to declining demand over the past few months, overall supply levels are rising and moving away from record lows,” she added. “If this trend continues in the future, buyers will have more choice in their home buying journey.”

The average price of homes sold in September 2022 was $433,726, down 6.1% from September 2021, the association reported. The full year-to-date average price was $478,132, a 16.1% increase from the first nine months of 2021.

The dollar value of all home sales in September 2022 was $39.5 million, a steep 43.4% drop from the same month in 2021, association officials said.

The number of new listings last month fell 7.6% from September 2021, the real estate association reported. However, the 195 new residential listings were still 11.8% above the five-year average and 10.5% above the 10-year average for the month of September.

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Active residential listings were 370 units on the market at the end of September, a gain of almost 78% from the end of September 2021. Active listings have not been this high in the month of September in more than five years, the release association noted.

Active listings were also 54.9% above the five-year average and 0.7% above the 10-year average for the month of September.

Months of inventory were 4.1 months at the end of September 2022, a jump from the 1.4 months recorded at the end of September 2021 and above the long-term average of 3.5 months for this period of the year. year. The number of months of inventory is the number of months it would take to sell the current inventory at the current rate of sales.

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