The housing market in Chatham-Kent cooled off in July after a hot streak that included a near-record breaking June.
Chatham-Kent Association of Realtors President Kristi Willder says it's too soon to tell if it's the start of a trend.
"Activity quieted down noticeably in July 2017, although the year-over-year comparison to last July stretches the point by virtue of the face that July 2016 was close to being the best month for sales the region has ever seen," says Willder.
While the number of sales dropped just over 39% compared to July 2016 -- with 101 homes changing hands last month -- the average price year-over-year still went up 3.5% to $160,597.
That price increase noticeably down compared to the last two months, though.
The average price of a home sold in Chatham-Kent in June was $207,000 while it topped out at $208,435 in May.
Willder says the slower July sales and the lower average price will be something to watch in August.
"We will be keeping a close eye in the months ahead to gauge whether this is the start of a new trend or just a blip," says Willder.
The selection of homes on the market also continues to hit record lows. Last month, there were only 373 active listings, which is down 24% from July 2016 and a new record-low for this time of year. New listings were also down 4.6% from July 2016, with just 203 new units hitting the market last month.