The number of new listings in Chatham-Kent has hit a new high.
The Chatham-Kent Association of Realtors (CKAR) reported 275 new residential listings in September 2024, a 37.5 per cent jump from September 2023 and the largest number of new listings ever added in the month of September.
CKAR also said the number of new listings was 29.5 per cent above the five-year average and 44.4 per cent above the 10-year average for the month of September.
The local realtors association noted there were 478 homes on the market at the end of September, up by 24.2 per cent from the end of September 2023. It said active listings haven't been this high in the month of September in more than five years. In fact, it would take over four months to sell all of the homes that were for sale in the municipality at the end of last month.
CK real estate officials reported active listings were 48.8 per cent above the five-year average and 40.2 per cent above the 10-year average for the month of September.
CKAR said 114 homes were sold last month, a gain of 15.2 per cent or 15 sales from the same period last year. However, home sales were 7 per cent below the five-year average and 7.1 per cent below the 10-year average for the month of September, according to the association.
Local realtors noted they hit $49.8 million in home sales last month, a rise of 16.5 per cent from the same month in 2023.
They also noted a total of 999 homes have been sold over the first nine months of the year, a 4.1 per cent increase from the same period in 2023.
"Sales activity upheld the momentum built over the past several months, continuing to move closer back to more normal levels for this time of year," said CKAR President Carrie Patrick. "The other major story was with new listings, which set the highest level on record by far of any September in history and marking the first time new listings had surpassed 250 in this month. However, with overall inventories rising but not reporting as impressive of a spike, it is likely that many of these listings were re-priced and re-listed as sellers become increasingly motivated to attract buyers."
The average price of homes sold in Chatham-Kent last month was $437,254, a minor increase of 1.2 per cent from September 2023.