House sales drop in June, but homes still fetching top dollars

The residential housing market in Chatham-Kent continued to cool down in June, but sellers are still getting top dollar for their homes.

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The residential housing market in Chatham-Kent continued to cool in June, but sellers are still getting top dollar for their homes.

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The 101 units sold last month though the Chatham-Kent Association of Realtors was a “sharp decrease” of nearly 46 percent from June 2021, according to monthly statistics released by the association.

Home sales were 25.3 percent below the five-year average and 24.1 percent below the 10-year average for the month of June, added CKAR.

On a year-to-date basis, home sales totalled 752 units over the first six months of the year. This was a 16.2 percent drop from the same period in 2021.

“Home sales posted another year-over-year decline in June, continuing the moderation that began earlier this year in March,” association president Amber Pinsonneault said in the release. “The outsized year-over-year decline in June is only partially a result of dampened activity this year – the rest of the magnitude stems from the abnormally high record set in the same month last year.

“New listings are coming back onto the market in stronger numbers as the year progresses. Combined with weaker demand, this is lifting overall inventories from their rock-bottom levels and allowing the market to rebalance itself. ”

The association president did not that “much uncertainty lies ahead” with the spectrum of future interest rate increases and “what impact these will continue to have on the housing market and even the economy.”

The average price of homes sold in June was $ 429,367, an increase of 5.5 percent from June 2021.

The more comprehensive year-to-date average price was $ 489,623, a sizable gain of 22.3 percent from the first six months of 2021.

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However, the dollar value of all home sales in June 2022 was $ 43.4 million, a substantial reduction of 42.7 percent from the same month in 2021.

The 259 new listings in June was a gain of 14.6 percent from June 2021, and was the largest number of new listings added in the month of June in more than a decade, according to association records.

New listings were 31.6 percent above the five-year average and 28.8 percent above the 10-year average for the month of June.

The 283 active residential listing on the market at the end of June represented a substantial increase of nearly 83 percent from the end of June 2001.

“Active listings haven’t been this high in the month of June in five years,” association officials said in the release.

Active listings were 28.6 percent above the five-year average and 27.2 percent below the 10-year average for the month of June.

Months of inventory numbered 2.8 at the end of June, an increase from the 0.8 months recorded at the end of June 2021 but below the long-run average of 3.1 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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