Home sales in Chatham-Kent in November dropped more than 30 per cent from November of 2017.
And this November was an average one in terms of sales for the Chatham-Kent Association of Realtors.
That’s what happens when you are comparing to the hottest November on record in terms of home sales in C-K.
A total of 86 units changed hands last month, just three sales off the 89-home average for Novembers.
Sales for the first 11 months of the year totaled 1,208 units for 2018, down about 6.6 per cent for the same period in 2017.
“Home sales posted a fairly average month of November, making for a considerable year-over-year decline from last year’s all-time record for that month,” said Steve Carroll, president of the Chatham-Kent Association of Realtors. “It is still an open question as to whether the slowdown in sales is due to a slowdown in demand or the historical shortage of product for sale in the region. The fact that the average price shot to yet another record in November would suggest lack of supply continues to play a staring role in the current market.”
The average price of homes sold in November as a record $243,905, jumping nearly 31 per cent from November 2017. The more comprehensive year-to-date average price was $214,082, rising 17.2 per cent from the first 11 months of 2017.
There were 109 new residential listings in November 2018. This was up 6.9 per cent (seven listings) on a year-over-year basis, but remained below all other November levels going all the way back to 1988.
Active residential listings numbered 219 units at the end of November. This was unchanged from the end of November 2017 and marked the lowest level on record for this time of the year.