Despite a slight drop in the key interest rate, many home buyers remained on the sidelines in Chatham-Kent last month.
According to the Chatham-Kent Association of Realtors, 129 homes changed in June 2024, down three sales compared to June of last year. Home sales were also 6.9 per cent below the five-year average and 9.5 per cent below the 10-year average for the month of June.
There were 244 new homes listed for sale last month, a decline of four listings compared to the same time last year.
“New listings are still holding strong and that’s a good sign that sellers have not become discouraged from the slower-than-anticipated reaction of buyers coming back into the market,” said association president Carrie Patrick in a news release.”
There were 473 homes on the market at the end of June, an increase of 26.8 per cent from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.
“The Bank of Canada’s first rate cut [on June 5] didn’t seem to spur a large number of home seekers off the sidelines as there is still some uncertainty as to if or when the next rate cut will appear,” said Patrick. “For those keeping a close eye on their finances, rates may need to come down a bit more before they decide to make a serious decision on an offer.”
The average price of a home sold in June 2024 was $425,245, down 3.5 per cent from June 2023.
