While the number of homes on the market in Chatham-Kent remains at a five-year high, sales were stagnant last month with buyers likely deterred by high interest rates.
According to the Chatham-Kent Association of Realtors, 117 homes changed hands in April 2024, a substantial decline of 14.6 per cent from April 2023. Home sales were 7.9 per cent below the five-year average and 6.6 per cent below the 10-year average for the month of April.
“Sales activity has seen quite the turnaround since hitting a recent bottom last fall but still remains subdued when compared to historical numbers for April,” said association president Carrie Patrick in a news release. “New listings, on the other hand, are rocketing upward as sellers have been eagerly bringing their listings to the market, perhaps in anticipation of a turnaround in demand.”
There were 270 new homes listed for sale last month, a 35.7 per cent increase compared to the same time last year, and the highest number of new residential listings in the month of April in more than five years.
As well, there were 450 active listings on the market at the end of last month, 37.2 per cent more than in April of last year. Active listings were 85.8 per cent above the five-year average and 43.5 per cent above the 10-year average for the month of April.
“Buyers continue to be teased with the timing of the first interest rate cut, now expected in June, and appear to be holding out, for now, until stronger evidence presents itself that this indeed will come to pass,” said Patrick.
The lack of sales didn’t appear to drive down prices, with the average home selling for $454,979 last month, an increase of 4.5 per cent from April 2023.