Chatham-Kent’s housing market may be showing signs that it’s starting to cool down.
According to the Chatham-Kent Association of Realtors, 140 homes were sold in April 2022, down 11.9% when compared to April of last year. However, home sales are 16.3% above the five-year average and 15.6% above the 10-year average for the month of April.
“Home sales declined from last April’s record but not by as much as in other markets in the province. April’s showing this year was still one of the highest levels for the month in history,” said Amber Pinsonneault, president of the realtors association.
A total of 511 homes have been sold in Chatham-Kent since the beginning of the year, which is a 5.2% decrease compared to the same time in 2021.
There were also fewer new listings last month, marking a 4.7% drop compared to last year. There were a total of 142 residential listings still on the market at the end of last month, which is 30.3% higher compared to the previous April.
“New listings are still trending at average levels for this time of year, so now is a great time for buyers to come back to the market,” said Pinsonneault. “On the price side, things are still at record price levels, but we aren’t seeing as many offers.”
The average price of a home in the municipality remains high at $498,325 in April 2022. This represents an increase of 18.3 percent from April 2021.