The average price of a home in Chatham-Kent has gone up substantially, according to the Chatham-Kent Association of Realtors (CKAR).
CKAR reported on Friday that the average price of a home in Chatham-Kent has gone from approximately $415,000 in March 2023 to roughly $437,000 last month.
The realtors association also said home prices have increased by more than $50,000 since "bottoming out" in December 2022. At the start of the year, CKAR reported the average price of a home sold in Chatham-Kent in December 2022 was around $385,000.
Meanwhile, the local real estate association said home sales continue to rebound even as new listings continue to decline, adding that's good news for sellers.
"In a very short amount of time home sales have turned a corner and have rebounded to above-average levels. In fact, sales activity in April notched one of the best levels for this month in history," said CKAR President Matt Bechard. "The rebound in sales has occurred despite a lack of new listings coming to the market. This has had the effect of putting a stop to the rise in the overall stock of listings on the market, tightening the balance back in favour of sellers, and causing stronger price growth. Since bottoming in December 2022, average price levels have gone up by more than $50,000."
CKAR also reported the number of homes sold in Chatham-Kent last month totaled 135, a minor decrease of 2.2 per cent (three sales) from April 2022. However, home sales were 10.3 per cent higher than the five-year average and 10.6 per cent above the 10-year average for the month of April.
Local realtors sold a total of $59 million worth of real estate last month, down sharply by 14.3 per cent from the same month in 2022.
CK real estate officials added 356 homes were sold in the first four months of the year, a large decline of 29.9 per cent from the same period in 2022.
They also noted the number of new listings decreased 6.4 per cent (13 listings) from April 2022, citing 190 new residential listings last month. However, new listings were 7.8 per cent above the five-year average and 4.3 per cent below the 10-year average for the month of April.
CKAR said there were 308 homes for sale at the end of April, more than double the levels from a year earlier, adding levels haven't been this high in April in more than five years.
