Home sales continue to gain momentum in Chatham-Kent with a record number of new listings hitting the market.
According to the Chatham-Kent Association of Realtors, 109 homes changed hands in November 2024, a 45.3 per cent increase from November 2023. While a significant increase year-over-year, home sales were 5.2 per cent below the five-year average and 2.2 per cent below the 10-year average for the month of November.
“Sales activity has been building momentum since the beginning of the year and November kept that rolling as sales were almost back on par with what we’d consider to be typical for this time of year,” said association president Carrie Patrick in a news release.
There were 193 new homes listed for sale last month, a 10.9 per cent increase over the same time last year. This was also the highest number of new residential listings added in the month of November in more than two decades.
“New supply coming onto the market has remained strong, providing ample choice for buyers who are now coming back off the sidelines,” said Patrick.
There were 421 active listings on the market at the end of last month, 14 higher than the same time last year. Active listings haven’t been this high in more than five years, according to the realtor association.
“Heading into the end of the year our market is quite active, which is a promising sign as we move through a winter where mortgage regulation changes and potentially lower interest rates could stoke activity even further,” said Patrick.
The average price of homes sold last month was also up 10.4 per cent from last November to $446,856.
