Chatham-Kent’s housing market in July saw fewer homes sold and a decrease in the number of homes listed.
According to the Chatham-Kent Association of Realtors, 99 homes sold last month, a 14.7 per cent decline compared to July 2022.
As well, a total of 228 homes were listed for sale in July, which was 15.9 per cent lower than the same time last year. However, new listings were 10.6% above the five-year average and 11.1% above the 10-year average for the month of July.
“Home sales posted a decline from year-ago levels and continued trending sideways on a monthly basis in July,” said Association President Matt Bechard. “On the supply side, new listings are coming in at healthy levels and although somewhat lower compared to historical averages, overall inventories are higher than they have been in about seven years. With a well-supplied market that is firmly in balanced territory.”
There were a total of 390 homes for sale on the market at the end of last month, which is the highest level number of active listings for the month of July in more than five years.
The average price of homes sold also saw a decline of 16 per cent for the month of July to $414,110. The year-to-date average price for the first seven months of the year also fell 12.8 per cent to $427,465.