Total home sales are down in the municipality compared to last year's record numbers.
According to the Chatham-Kent Association of Realtors, 86 homes were sold in November, which they said was down over 30 per cent from the same month last year.
Home sales totalled 1,208 units over 11 months, down 6.6 per cent from the same period in 2017.
“Home sales posted a fairly average month of November, making for a considerable year-over-year decline from last year’s all-time record for that month,” said association President Steve Carroll. “It is still an open question as to whether the slowdown in sales is due to a slowdown in demand or the historical shortage of product for sale in the region. The fact that the average price shot to yet another record in November would suggest lack of supply continues to play a starring role in the current market.”
The average price of homes last month was a record $243,905, jumping over 30 per cent from November 2017.
Carroll said there were 109 new residential listings in November this year, which was was up 6.9 per cent but remained one of the smallest Novembers going back to 1988.
There were 219 active residential listing at the end of the month, which was the same as last year, and marked the lowest level on record.
Months of inventory was at 2.5 at the end of November, up from 1.8 months last year, but well below the average of 7.3 months for this time of year. Months of inventory is calculated by the number of months it would take to sell properties at the current rate of sales.