Chatham-Kent home sales drop in July as local market rebalances: CKAR

Sales of new homes fell below average locally in July, but new listings rose by a record amount for the month, reports the Chatham-Kent Association of Realtors.

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Sales of new homes fell below the July average locally, but new listings rose by a record amount for the month, the Chatham-Kent Association of Realtors reported.

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The 116 homes sold in July fell from the record high of 170 residential units sold in July of last year. Last month, home sales fell 17.5% below the five-year average and nearly 11% below the 10-year average, according to monthly statistics released Monday by the association.

Year-to-date, the 866 homes sold in the first seven months of the year are 18.9% lower than the number of homes sold in the same period in 2021, officials added. association.

“Home sales fell below their five- and 10-year averages in July as higher mortgage rates and market uncertainty took hold, although sales rebounded slightly from levels even lower recorded in June,” association president Amber Pinsonneault said in the statement. .

“There has been some rebalancing in the market as inventories have risen from low levels and new supply is now trending at record highs.

“We expect global inventories to continue to rise in the near term as buyers adjust to new affordability constraints in the face of rising mortgage rates and sellers adjust their price expectations in this new environment.

The average price of homes sold in July was $493,103, a 20% increase from July 2021. The fuller cumulative average price of $490,417 represents a 22% increase from the first seven months of 2021 .

The dollar value of all home sales in July was $57.2 million, down 18.5% from the same month in 2021.

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The 271 new residential listings in July were up 25.5% from July 2021 and also the highest number of new listings added in July in history, according to the Association of Realtors.

New listings were 37.6% above the five-year average and 34.7% above the 10-year average for the month of July.

Active residential listings had 351 units on the market at the end of July, more than double the previous year’s levels, up 130.9% from the end of July 2021.

Active rosters haven’t been this high in July in five years, association officials reported.

Active listings were also 54.4% above the five-year average and 11.4% below the 10-year average for the month of July.

Months of inventory stood at three at the end of July, up from 0.9 months recorded at the end of July 2021 and below the long-term average of 3.3 months for this time of year.

This number represents the months it would take to sell the current inventory at the current rate of sales.