Home sales in Chatham-Kent continue to move “generally upward” with new listings more than doubling year-over-year.
The Chatham-Kent Association of Realtors said a total of 130 homes were sold in May, which was an 8.5 per cent decline compared to May 2022.
On a year-to-date basis, 486 homes have sold so far in 2023, a sharp 25.2 per cent decline from the same period in 2022.
However, association president Matt Bechard said monthly sales are seeing an upward trend.
“Sales activity continues moving generally upward on a month-over-month basis, buoyed by very healthy levels of new listings coming onto the market,” said Bechard in a news release. “As we move past the beginning of the downturn from last year it is likely that year-over-year declines will turn into year-over-year gains for sales.”
There were a total of 356 residential homes on the market at the end of last month, a substantial 67.1 increase from the same time last year. Active listings have not been this high in more than five years.
“Unlike other local areas that are struggling with a lack of inventory, our market remains well-supplied for buyers who are looking for an ample selection of options from which to choose for their next home,” said Bechard.
The average price of homes sold in May 2023 was $435,114, a decrease of 8.6 per cent from May 2022.