The Chatham-Kent Association of Realtors (CKAR) is reporting that home sales across the municipality are still down, but showing signs of improvement.
CKAR said 129 homes were sold in Chatham-Kent last month, down modestly by 2.3 per cent or three sales from June 2023. Home sales were 6.9 per cent below the five-year average and 9.5 per cent lower than the 10-year average for the month of June, according to the association.
CKAR reported a total of 621 homes were sold over the first six months of this year, a minor decrease of 2.1 per cent or 13 sales from the same period last year.
The local realtors association noted 244 new homes went up for sale last month, down modestly by 1.6 per cent or four listings from June 2023. They also said new listings were 3 per cent above the five-year average and 12.9 per cent higher than the 10-year average for the month of June.
There are a total of 473 homes on the market at the end of June, an increase of 26.8 per cent from the end of June 2023, CKAR noted, saying active listings haven't been this high in the month of June in more than five years.
Active listings were 56.8 per cent above the five-year average and 36.2 per cent above the 10-year average for the month of June, said the local realtors group.
"Sales activity was down marginally from the same time last year but is still showing signs of an improvement when looking at the monthly trend, which of late has been somewhat obscured by an almost constant sawtooth movement," said CKAR President Carrie Patrick. "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. The Bank of Canada’s first rate cut 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. 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 homes sold last month was $425,245, a small reduction of 3.5 per cent from June 2023, said CKAR. The year-to-date average price was $423,416, down 0.9 per cent from the first six months of 2023, according to the realtors association.
Home sales in CK last month totaled $54.9 million, a decline of 5.7 per cent from the same month in 2023, CKAR reported.