After months of subdued sales, the housing market is seeing a rebound in Chatham-Kent.
According to the Chatham-Kent Association of Realtors, 135 homes were sold in April, a slight decrease of 2.2 per cent compared to the same time last year. However, sales were 10.3 per cent above the five-year average and 10.6 per cent above the 10-year average for the month of April.
Last month also saw a 6.4 per cent decline in the number of new listings.
“In a very short amount of time, home sales have turned a corner and have rebounded to above-average levels. In fact, sales activity in April notched one of the best levels for this month in history,” said Matt Bechard, president of the realtors association. “The rebound in sales has occurred despite a lack of new listings coming to the market. This has had the effect of putting a stop to the rise in the overall stock of listings on the market, tightening the balance back in favour of sellers, and causing stronger price growth – since bottoming in December 2022, average price levels have gone up by more than $50,000.”
While higher than in March 2023, the average price of homes sold last month was $437,270, a significant decline of 12.4 per cent from April 2022.
There was a total of 308 homes on the market at the end of April, more than double the levels from a year earlier. The realtors association said active listings haven’t been this high in the month of April in more than five years.
