Home sales in Chatham-Kent remain on the decline despite lower prices and a surge in housing inventory.
According to the Chatham-Kent Association of Realtors, only 61 homes changed hands last month, which is a significant 50.8 per cent drop when compared to February 2022.
The average price of homes sold in February was $426,963, a 19.7 per cent decline from the same time last year.
A total of 144 homes were also listed for sale last month, which was the largest number of new listings added in the month of February in more than five years.
“New listings have rebounded from their previous lows and are now running above average, pushing overall supply up to levels unseen since the end of 2016,” said Matt Bechard, president of the realtors association.
There were 294 active residential listings on the market at the end of February, which is more than triple the number of active listings compared to the end of February 2022.
“Given the imbalance between supply and demand at the moment it may be the case that sellers have not yet fully adjusted to buyers’ lower pricing expectations or affordability, in which case it may take another month or two before we start to see an upswing in sales activity,” Bechard added.
