The housing market is gaining momentum in Chatham-Kent following a slow start to the year, according to the local realtors association.
The Chatham-Kent Association of Realtors said a total of 103 homes were sold in March. While that is a 28.5 per cent decline from the same time last year, it is a significant increase from the 61 homes that were sold in February.
“This indicates that the market is starting to bounce back after a slow start to the year, ” said Matt Bechard, president of the realtors association, in a news release.
The average price of homes sold last month was $415,430, down by 20.6 per cent from March 2022. In the first three months of this year, home sales have fallen 18.3 per cent.
There were 219 homes listed for sale last month, a 10.6 per cent increase compared to the year prior and the largest number of new listings added in the month of March in more than a decade.
“This is welcome news for potential buyers as it means there is a larger pool of available homes to choose from,” said Bechard. “The increase in sales and new listings demonstrates that the market is gaining momentum as the spring season gets underway.”
Heading into April, there were 338 residential listings on the market, more than doubling the number of active listings from the year prior.
“Market conditions in our region remained in balanced territory, neither in favour of buyers nor sellers,” Bechard added. “Our local market remains competitive as well-kept and appropriately priced homes are being snapped up quickly.”