Chatham-Kent Association of REALTORS®

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 114 units in October 2024. This was a jump of 37.3% from October 2023.

Home sales were 6.9% below the five-year average and 6.3% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,113 units over the first 10 months of the year. This increased by 6.7% from the same period in 2023.

“Sales activity has been building momentum unevenly since the beginning of the year, with many up-and-down movements from month to month but still presenting a definite upward trend,” said Carrie Patrick, President of the Chatham-Kent Association of REALTORS®. “Meanwhile, new listings posted the second highest level for this month on record as sellers are chomping at the bit for the long-awaited return of buyers into the market. We expect the market will quiet down as it normally does into late fall and through the winter, although if interest rates continue to decline we may see a stronger than normal seasonal pattern emerge on the demand side.”

The average price of homes sold in October 2024 was $413,012, up only 0.9% from October 2023.

The more comprehensive year-to-date average price was $426,185, nearly unchanged, down only 0.9% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $47.1 million, a substantial increase of 38.6% from the same month in 2023.

The number of new listings saw a moderate gain of 7.9% from October 2023. There were 233 new residential listings in October 2024. This was the largest number of new listings added in the month of October in more than 15 years.

New listings were 14.2% above the five-year average and 24.7% above the 10-year average for the month of October.

Active residential listings numbered 469 units on the market at the end of October, increasing by 17.5% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.

Active listings were 46.6% above the five-year average and 41.3% above the 10-year average for the month of October.

Months of inventory numbered 4.1 at the end of October 2024, down from the 4.8 months recorded at the end of October 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.