Home sales and prices in Chatham-Kent softened last month, but not as much as in surrounding markets.
The Chatham-Kent Association of Realtors (CKAR) is reporting that home sales in August declined by 24.7 per cent compared to August of last year (119 sold).
In Windsor, sales dropped 42.1 per cent last month compared to August 2021. The number of homes sold in the London area in August also plunged by 34.8 per cent compared to August 2021.
Total home sales for the year across Chatham-Kent have also declined by 19.7 per cent compared to the same time last year (985 sold).
"Our region’s housing market continued to moderate in August, partly due to the rapid rise in mortgage rates seen throughout the year that has eroded affordability," said CKAR President Amber Pinsonneault. "The slowdown in sales, coupled with an increase in inventory on the market, have brought market conditions closer to balanced levels and we are starting to see a softening in prices. There are now more options to choose from for those buyers who are still looking to enter the market."
The average price of homes sold last month also softened a bit to $421,638. That's a modest decline of 2.1 per cent from August of 2021.
The price of a new home in Windsor fell 8.4 per cent last month from $568,253 in August of 2021 to $520,634. In the London area, home prices also dropped slightly in August to $648,036, but that's still 5.2 per cent higher than August 2021.
Home sales in Chatham-Kent last month totaled $50.2 million, a substantial decrease of 26.2 per cent from the same month in 2021.
The number of new listings went up 4.4 per cent (10 listings) from August 2021. There were 239 new homes up or sale in August, the largest number of new listings added in the month of August in 15 years.
