Realtors in Chatham-Kent had a good month in June.
The Chatham-Kent Association of Realtors (CKAR) is reporting home sales last month jumped by 32 per cent from the same period last year with 132 homes sold. However, home sales were still 2.7 per cent below the five-year average and 2.4 per cent below the 10-year average for the month of June, according to CKAR.
The realtors association said a total of 618 homes have been sold so far this year, a significant decrease of 17.6 per cent from the first six months last year.
“Sales activity posted the first year-over-year gain since February 2022 as the recovery in demand continued along in June, with figures for the month almost back in line with their longer-term averages,” said CKAR President Matt Bechard. “The recovery in sales has been helped along by above-average levels of new listings, something that other areas in the province have been lacking. Sellers are not shying away from our local market and continue to fuel the rebound in sales activity."
Bechard also said home prices are seeing a steady upward trend, but not quite at the record levels from last year. The average price of homes sold across Chatham-Kent in June 2023 was $440,471, up modestly by 2.3 per cent from June 2022, but down 12.3 per cent from the first six months in 2022.
CKAR reported a total of $58.1 million in home sales last month, a jump of 35 per cent from the same month in 2022.
The number of new listings decreased by 7.4 per cent from June 2022 with a total of 239 new residential listings in June 2023. However, new listings were up 11.4 per cent from the five-year average and 16.1 per cent above the 10-year average for the month of June.
CKAR noted 356 homes were up for sale across the municipality as of the end of June, a gain of 22.8 per cent from the end of June 2022.
"Active listings haven’t been this high in the month of June in more than five years," Bechard said, adding that active listings were 41.5 per cent above the five-year average and 0.1 per cent below the 10-year average for the month of June.