Home sales in Chatham-Kent saw an “unexpected” increase in May, possibly signalling a return to a balanced market.
According to the Chatham-Kent Association of Realtors, 150 homes changed hands last month, marking a 28.2 per cent increase from May 2024. Home sales were also 2.5 per cent above the five-year average and 2.5 per cent above the 10-year average for the month of May.
“Sales posted an unexpectedly strong bounce in May after remaining subdued for the previous several months,” said association president Barbara McCaughrin in a news release. “New listings have been on the rise and so have overall inventory levels, which means the market has been flirting with buyer’s territory for quite some time.”
A total of 281 new residential listings were added to the market last month, 11 higher than the same time last year.
There were 502 active listings on the market at the end of May, an increase of 5.2 per cent from the end of May 2024. Active listings haven’t been this high in the month of May in a decade.
“May’s boost in demand pushed us firmly back into a balanced market but whether this is the beginning of a stronger return from buyers or simply a one-off event remains to be seen,” said McCaughrin.
The average price of homes sold last month was $432,419, a slight 1.1 per cent increase from May 2024.
