Typically, home sales cool off as fall progresses, but November in Chatham-Kent bucked that historical trend.
According to the Chatham-Kent Association of Realtors (CKAR), sales rose by more than 45 per cent as compared to November 2023.
In total, 109 units changed hands.
As warm as this November was for sales, it was still more than five-per-cent below the five-year averages for November sales in Chatham-Kent, and 2.2-per-cent below the 10-year average.
Through the first 11 months of this year, home sales are up more than nine per cent from the same period in 2023, according to CKAR numbers, as 1,222 units sold.
Carrie Patrick, president of CKAR, said the market is gaining speed.
“Sales activity has been building momentum since the beginning of the year and November kept that rolling as sales were almost back on par with what we’d consider to be typical for this time of year,” she said in a media release.
She credits some of the momentum to the fact inventory levels continue to rise, giving prospective buyers more options.
“New supply coming onto the market has remained strong, providing ample choice for buyers who are now coming back off the sidelines,” she said. “Heading into the end of the year, our market is quite active, which is a promising sign as we move through a winter where mortgage regulation changes and potentially lower interest rates could stoke activity even further.”
The number of new listings was up by 11 per cent from November 2023. There were 193 new residential listings in November 2024. This was the largest number of new listings added in the month of November in more than two decades.
New listings for November topped the five-year average by nearly 13 per cent and beat the 10-year average by almost 33 per cent.
The average price of homes sold in November 2024 was $446,856, up by 10.4 per cent from November 2023.
The more comprehensive year-to-date average price was $428,029, essentially unchanged from the first 11 months of 2023.
The dollar value of all home sales in November 2024 was $48.7 million, a jump of 60.4 per cent from the same month in 2023.
