Chatham-Kent Association of REALTORS®

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 109 units in November 2024. This was a substantial gain of 45.3% from November 2023.

Home sales were 5.2% below the five-year average and 2.2% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 1,222 units over the first 11 months of the year. This was a gain of 9.3% from the same period in 2023.

“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,” said Carrie Patrick, President of the Chatham-Kent Association of REALTORS®. “New supply coming onto the market has remained strong, providing ample choice to buyers who are now coming back off the sidelines. 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 average price of homes sold in November 2024 was $446,856, up by 10.4% from November 2023.

The more comprehensive year-to-date average price was $428,029, essentially unchanged, down just 0.1% 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% from the same month in 2023.

The number of new listings was up by 10.9% 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 were 12.9% above the five-year average and 32.6% above the 10-year average for the month of November.

Active residential listings numbered 421 units on the market at the end of November, a modest gain of 3.4% (14 listings) from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years.

Active listings were 41.3% above the five-year average and 38.6% above the 10-year average for the month of November.

Months of inventory numbered 3.9 at the end of November 2024, down from the 5.4 months recorded at the end of November 2023 and above the long-run average of 3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.