As the number of homes for sale in Chatham-Kent continues to increase, demand remains sluggish amid consistently high-interest rates.
According to the Chatham-Kent Association of Realtors, there were 388 active residential listings in CK at the end of March 2024, which was an increase of 9.6 per cent compared to March 2023. Active listings were also 75.7 per cent above the five-year average 39.5 per cent above the 10-year average for the month of March.
Active listings haven’t been this high in the month of March in more than five years, the association said.
“Overall supply levels are at historical norms and still rising as sellers eagerly continue to list their homes in anticipation of what now feels like the long-awaited return of demand,” said association president Carrie Patrick in a news release. “Once buyers decide to return to the market, they will find that ample choice awaits them, and we will likely see a period of modest price growth as this inventory is gradually absorbed.”
The average price of homes sold in March 2024 was $407,197, a minor decrease of 2 per cent from the year before.
There were 225 new homes listed for sale last month, a slight decline of three listings from the same time last year.
The realtors association recorded 106 home sales last month, the same number of homes sold in March 2023.
