Chatham-Kent’s real estate market stuttered in November.

The Chatham-Kent Association of Realtors says 72 units were sold in November, down almost 22 per cent compared to November 2022. Home sales were 34 per cent below the five year average and 30 per cent below the 10 year average for November.

Matt Bechard, president of the association, says it continues a downward trend this year with housing sales off about 14 per cent.

Bechard says buyers have become more cautious.

“There are plenty of properties available at prices that are generally lower than they have been in almost three years,” he said in a news release.

“Sellers along with buyers face significant challenges in managing the rapid increase that we have seen in interest rates within such a short period of time. The average household has seen a reduction in their discretionary spend as more dollars go towards servicing mortgage debt.”

Bechard added the cost of just about everything has gone up including Chatham-Kent taxes. Chatham-Kent council approved a 5.53 per cent tax increase for 2024 - about $185 per household.

The average price of homes sold in November 2023 was $398,433, increasing by 3.1% from November 2022.

The more comprehensive year-to-date average price was $429,052, a decline of 7.6 per cent from the first 11 months of 2022.

The dollar value of all home sales in November 2023 was $28.7 million, down sharply by 19.3 per cent from the same month in 2022.