Chatham-Kent’s housing market appears to be on the path to recovery according to the local realtors association.
The Chatham-Kent Association of Realtors said a total of 61 homes sold in January. While this is only a 7 per cent increase compared to January 2023, association president Carrie Patrick said sales activity has been on a gradual rise over the past four months.
“Buyers seem to be cautiously leaving the sidelines and returning to the market,” she said in a news release. “Whether it’s because interest rates seem to have definitively plateaued for the time being and future rate movements are biased to the downside, or maybe because some buyers can no longer keep waiting and need a new place to call home, our market seems to be on a steady path to recovering.”
Home sales were also 27.2 per cent below the five-year average.
The average price of homes sold last month was $399,470, a slight 0.7 per cent decline from January 2023.
A total of 160 new homes were listed for sale in January, a 4.6 per cent increase compared the same time last year. This marked the largest number of new January listings added in the month of January in more than five years.
As well, there were 288 active residential listings on the market at the end of the month. Active listings also haven’t been this high in the month of January in more than five years.
