Wednesday, June 29, 2022

April’s home sales decline in Chatham-Kent, but still historically high

The number of homes sold through the MLS System of the Chatham-Kent Association of Realtors totaled 140 units in April 2022.

This was a decline of 11.9% from April 2021.

Home sales were 16.3% above the five-year average and 15.6% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 511 units over the first four months of the year.

This was a decrease of 5.2% from the same period in 2021.

“Home sales declined from last April’s record but not by as much as in other markets in the province,” said Amber Pinsonneault, President of the Chatham-Kent Association of Realtors, in a media release.

“April’s showing this year was still one of the highest levels for the month in history. New listings are still trending at average levels for this time of year, so now is a great time for buyers to come back to the market. On the price side things are still at record price levels, but we aren’t seeing as many offers.”

The average price of homes sold in April 2022 was $498,325, up by 18.3% from April 2021, Chatham-Kent Association of Realtors officials say.

The more comprehensive year-to-date average price was $505,059, an increase of 25.8% from the first four months of 2021.

The dollar value of all home sales in April 2022 was $69.8 million, a moderate gain of 4.2% from the same month in 2021.

This was also a new record for the month of April, Chatham-Kent Association of Realtors officials added.

The number of new listings decreased by 4.7% (10 listings) from April 2021.

There were 202 new residential listings in April 2022.

New listings were 17.7% above the five-year average and 1% below the 10-year average for the month of April.

Active residential listings numbered 142 units on the market at the end of April, an advance of 30.3% from the end of April 2021.

Active listings were 16.4% below the five-year average and 59.4% below the 10-year average for the month of April.

Months of inventory numbered one at the end of April 2022, up from the 0.7 months recorded at the end of April 2021 and below the long-run average of three 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.

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