With demand and supply on the rise, the number of homes sold in Chatham-Kent continues to increase.
The Chatham-Kent Association of Realtors said 83 homes changed hands last month, a substantial increase of 36.1 per cent compared to February 2023.
A total of 144 homes were sold in the first two months of this year, which also marked a 22 per cent increase over the same period in 2023.
However, home sales remained below the five and 10-year averages for the month of February at 9.8 per cent and 4.8 per cent respectively.
The average price of homes sold in February was $409,027, a 4.2 percent decrease from the same time last year.
“We’re still seeing a softer environment as sellers continue to adapt their pricing strategies to move inventory that’s been sitting on the market for longer,” said Carrie Patrick, president of the Chatham-Kent Association of Realtors, in a news release.
There were 169 new homes listed for sale last month, which is an increase of 18.2 per cent compared to February 2023 and is also the largest number of new listings added in the month of February in more than a decade.
As well, 316 homes remained on the market at the end of the month. Active listings haven’t been this high in the month of February in more than five years.
