While home prices remain higher than average, the housing market is beginning to cool across Chatham-Kent, according to the local realtors association.
Amber Pinsonneault, the president of the Chatham-Kent Association of Realtors, said demand for homes has become more moderate following the recent interest rate increases and Chatham-Kent has also seen a significant increase in the number of listings.
She said the housing market has started to become more balanced with less competition, giving buyers more opportunities to add conditions to their offers.
“People were purchased out a year ago and they had to sit back and let the market do what it was going to do naturally, which is cool. And that’s starting to happen now,” said Pinsonneault. “We’re going to have a reintroduction of buyers and first-time homebuyers who were, last year, bid out.”
According to the realtors association, there were 260 new residential listings in May 2022, which was a 12.6 per cent increase compared to May of last year. This marked the largest number of new listings added in the month of May in more than five years.
The average price of homes sold last month was $475,985, a notable increase of 22.4 per cent from May 2021.
“We’re still strong in our prices, there are just more houses to choose from across Chatham-Kent,” said Pinsonneault. “There’s a bit of a stand-off between buyers and sellers right now, [with] who’s going to give first.”
A total of 142 units changed hands last month, which was a sharp 17.4 per cent decrease compared to the same time last year.
There were 203 homes on the market at the end of May, an increase of 36.2 per cent compared to last year.