Home sales in Chatham-Kent dipped slightly in December, but for the most part, showed signs of steady growth over the course of the year in 2024.
The Chatham-Kent Association of Realtors (CKAR) said 54 homes changed hands last month, down by just two sales compared to December 2023.
Overall for the year, the home sales numbers across Chatham-Kent added up to 1,275 units in 2024, which is an increase of 8.6 per cent compared to 2023.
President of the Chatham-Kent Association of Realtors Barbara McCaughrin said while the number of sales picked up over the past 12 months, the prices have held steady.
"Price gains are currently very modest and aren’t expected to show much in the way of gains in the short term until the market has had a chance to work through its above-average supply levels," said McCaughrin. ""Inventories are sitting at higher levels now than they were at the end of 2023, providing ample opportunities for buyers who are making their return into the market as interest rates continue to move lower and new mortgage rule changes introduced in December provide more support to demand."
The average price of the homes that sold in December 2024 in Chatham-Kent was a little over $441,000, up 4.3 per cent compared to the same month in 2023.
The annual average price of the homes that sold in 2024 held steady at $428,500, which was up only 0.1 per cent from 2023.
While the price held steady both in December and annually, the number of new listings and active listings went up noticeably.
The number of new listings in December was up about 15 percent compared to the same time in 2023 and there were 369 active listings on the market in Chatham-Kent at the end of December, an increase of about 21 per cent compared to the end of December 2023.
CKAR officials said the number of active listings hasn't been this high in December in more than five years.