The average price of a home in Chatham-Kent held steady last month.
The Chatham-Kent Association of Realtors (CKAR) reported on Friday the average price of homes sold in September 2023 was $431,471, down only 0.5 per cent from September 2022, but down by 9.4 percent from the average price of $433,164 during the first nine months of last year.
CKAR also said their realtors sold 98 homes in total last month, a gain of 7.7 per cent or seven sales from September 2022. However, home sales were 20.3 per cent below the five-year average and 17.6 per cent lower than the 10-year average for the month of September.
CK realtors have sold a total of 937 homes until the end of September, a decline of 12.8 per cent from the same period in 2022.
The number of new listings saw a slight reduction of 0.5% (one listing) from September 2022, according to CKAR. They also said a total of 194 homes went up for sale last month and the new listings were five per cent above the five-year average and 10.5 per cent higher than the 10-year average for the month of September.
“Sales activity was still trending below average levels for this time of year, but posted a year-over-year gain [in September],” said CKAR President Matt Bechard. “Meanwhile, new listings appear to have topped out and are slowly trending downward. Combined with stronger sales, this means that overall inventories are also topping out and have started to come down from their recent peak. On the price side we’re still down from last year’s astronomical records, but otherwise average price levels have been holding up fairly well.”
The association noted the value of all homes sold last month totalled $42.3 million, an increase of 7.1 per cent from the same month in 2022.
CKAR said it had 366 homes on the market at the end of September, which is a decrease of 2.4 per cent (nine listings) from the end of last September.
The association also said active listings were 38.2 per cent above the five-year average and 6.8 per cent higher than the 10-year average for the month of September.
