Home sales in Chatham-Kent picked up a bit last month, but there's still a glut of homes for sale across the municipality.
On Tuesday, the Chatham-Kent Association of Realtors (CKAR) reported 135 homes were sold last month, a 7.1 per cent jump (nine sales) from August 2023.
CKAR also reported monthly home sales were 4.8 per cent below the five-year average and 4.6 per cent below the 10-year average for the month of August.
On a year-to-date basis, a total of 885 homes were sold over the first eight months of the year, a modest gain of 2.8 per cent from the same period last year, according to local realtors.
"Home sales continued to rise in August and new listings hit their highest level on record for this month as our local market continues to gather steam," said CKAR President Carrie Patrick. "The overall level of available listings has begun trending down, but remains above historical norms, so there is still a window of opportunity for buyers who are looking to negotiate a deal amid an ample supply of homes for sale."
CKAR said a record number of new listings were added to the real estate market last month, the largest number of homes put up for sale in history for the month of August. There were 275 new residential listings last month, said CKAR, up by 26.1 per cent from August 2023.
The realtors association reported new listings were 19.2 per cent above the five-year average and 36.3 per cent above the 10-year average for the month of August.
The average price of homes sold locally in August 2024 was $412,070, down sharply by 11.7 per cent from August 2023, while the average price of a local home also decreased by 1.2 per cent during the the first eight months of 2024 compared to the same period last year, CKAR noted.
CK realtors reported a total of $55.6 million in home sales last month, a moderate decrease of 5.4 per cent from the same month in 2023.
