Chatham-Kent home sales go from record level to decline
Published Tuesday, August 8, 2017 11:18AM EDT
Last Updated Tuesday, August 8, 2017 11:23AM EDT
Home sales in Chatham-Kent have dropped by more than 39 per cent in July, the Chatham-Kent Association of Realtors says.
They say 101 units sold in July 2017, down 39.2 per cent compared to this time last year.
On a year-to-date basis, home sales totalled 840 units over the first seven months of the year, down 4 per cent from the same period in 2016.
Year-to-date sales activity has gone from running at a record level to coming in below where it stood last year.
“Activity quieted down noticeably in July 2017, although the year-over-year comparison to last July stretches the point by virtue of the fact that July 2016 was close to being the best month for sales the region has ever seen,” said Kristi Willder, president of the Chatham-Kent Association of Realtors.
“The bigger picture is that sales in July came in about 25 transactions below average for the month, and the coinciding moderation in the average price suggests the cooling off occurred at the higher end of the market. 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.”
The average price of homes sold in July 2017 was $160,597, up 3.5 per cent from July 2016.