Home prices in Chatham-Kent stayed relatively the same last month compared to the previous month.
The average price of a home sold in the municipality was just over $435,000 in May 2023 compared to roughly $437,000 in April 2023, according to the Chatham-Kent Association of Realtors (CKAR). It's a steeper drop when you compare the numbers to the same time last year, though. A release from CKAR said last month's average home price was a decrease of 8.6 per cent from May 2022.
CKAR also said the number of homes that sold is down slightly compared to May of 2022 with 130 homes sold last month, a decline of 8.5 per cent or 12 sales from May 2022. The association also said on a year-to-date basis, home sales totaled 486 units over the first five months of the year, which is a sharp decline of 25.2 per cent from the same period in 2022. Home sales were also 5.7 per cent below the five-year average and 8.1 per cent below the 10-year average for the month of May, said CKAR.
"Sales activity continues moving generally upward on a month-over-month basis, buoyed by very healthy levels of new listings coming onto the market," said CKAR President Matt Bechard. "As we move past the beginning of the downturn from last year it is likely that year-over-year declines will turn into year-over-year gains for sales. On the supply side, unlike other local areas that are struggling with a lack of inventory, our market remains well-supplied for buyers who are looking for an ample selection of options from which to choose for their next home."
The local realtors noted they sold a total of $56.6 million in real estate last month, a drop of 16.3 per cent from the same month in 2022.
CKAR said there were 356 homes for sale at the end of May, up substantially by 67.1 per cent from the same period a year ago.
"Active listings haven't been this high in the month of May in more than five years," Bechard said.
