Chatham-Kent is showing further signs that the housing market is cooling, with an increase in listings and a significant drop in sales last month.
According to the Chatham-Kent Association of Realtors, a total of 101 homes were sold in June, which marked a 45.7 per cent decline compared to June of 2021.
The number of new listings last month grew 14.6 per cent when compared to the same time last year, with a total of 259 new residential listings. This marks the largest number of new listings added in the month of June in more than a decade.
“New listings are coming back onto the market in stronger numbers as the year progresses. Combined with weaker demand, this is lifting overall inventories from their rock-bottom levels and allowing the market to rebalance itself,” said Amber Pinsonneault, president of the realtors association. “However, much uncertainty lies ahead regarding future interest rate increases and what impact these will continue to have on the housing market and even the economy.”
There were a total of 283 listings on the market at the end of last month, which marked a sharp 82.6 per cent increase from the same time last year. Active listings haven’t been this high in the month of June in five years, the association said.
As well, the average home price of listings solid in June compared to June 2021 increased 5.5 per cent to $429,367.