With a high number of listings on the market and rising home prices, the housing market in Chatham-Kent favoured neither buyers nor sellers in August.
According to the Chatham-Kent Association of Realtors, there were a total of 386 active residential listings on the market at the end of last month, six more than in August of 2022. Active listings haven’t been this high in the month of August in more than five years.
“New listings are still coming in at supportive levels but the market has gradually tightened,” said association president Matt Bechard in a news release. “Prices are also recording stronger gains, with average price levels now back up to the highest readings since last July.”
The average price of homes sold last month was $468,100, a 10.9 per cent increase compared to the same time last year.
A total of 122 homes changed hands in August, up four sales from 2022. Home sales were 11.6 per cent below the five-year average and 11.7 per cent below the 10-year average for the month of August, the realtors association said.
