The cost of real estate in Chatham-Kent continues to rise, but there’s been a slight dip in the number of properties changing hands.
The latest figures from the Chatham-Kent Association of Realtors shows 145 units were sold in March, down 13.7% from the same time last year.
“We’ve finally got some much-needed relief on the supply side in the form of new listings, which we’re hoping to see even more of as we enter the spring market,” Amber Pinsonneault, President of the Chatham-Kent Association of Realtors said in the monthly update. “Despite the surge of new supply in March, overall inventories are still hovering close to the lowest levels in history, which suggests that most of this additional supply is getting absorbed by home buyers who have been waiting for a greater availability of listings.”
There were 199 new residential listings last month, the largest number of new listings added in the month of March in a decade.
The average price of homes sold was $522,605, up by 25.3% from March 2021.
The more comprehensive year-to-date average price was $507,600, an increase of 29.1% from the first three months of 2021.