November proved quite chilly in terms of the local real estate market, as the number of homes sold, and the average price of those properties, were sluggish.
According to the Chatham-Kent Association of Realtors (CKAR), 92 homes changed hands in November, down almost 40 per cent from November 2021.
Home sales were 18.9 per cent below the five-year average and 10 per cent below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 1,271 units over the first 11 months of the year. This was a significant decrease of 25.4 per cent from the same period in 2021.
“Home sales are still running well below typical levels for this time of year, although the monthly trend is showing signs of improvement since the market bottomed out in June,” said Amber Pinsonneault, CKAR president, in a media release.
The average price of homes sold in November 2022 was $386,383, down nearly 14 per cent from November 2021.
However, the year-to-date average price was $464,453, an increase of 11.1 per cent from the first 11 months of 2021.
The dollar value of all home sales in November 2022 was $35.5 million, a drop of almost 48 per cent from the same month in 2021.
The number of new listings edged up by one listing from November 2021. There were 171 new residential listings in November 2022. This was the largest number of new listings added in the month of November in more than two decades.
New listings were 22.5 per cent above the five-year average and 29.6 per cent above the 10-year average for the month of November.
“On the supply side, new listings have been coming in at some of the strongest levels in history, building on momentum that began in late 2020,” Pinsonneault said. “Combined with subdued demand, this has raised overall inventory levels up from their record lows earlier this year back on par with where they stood in the third quarter of 2016. A better supplied market with a balance tilted in favour of buyers should start to see some would-be home buyers come back off the sidelines as we move into early 2023.”
