The Chatham-Kent Association of Realtors (CKAR) is reporting that home sales last month remained subdued despite a solid level of new listings on the market.
CKAR said 99 homes were sold in July, a sharp decrease of 14.7 per cent from July 2022.
On a year-to-date basis, 717 homes have been sold over the first seven months of the year, a substantial decrease of 17.2 per cent from the same period in 2022, according to the realtors association.
CKAR also said the average price of homes sold in Chatham-Kent last month was $414,110, a decline of 16 per cent from July 2022.
The average price of a home sold in the municipality in June was $440,471, up modestly by 2.3 per cent from June 2022, but down 12.3 per cent from the first six months of last year.
"Home sales posted a decline from year-ago levels and continued trending sideways on a monthly basis in July," said CKAR President Matt Bechard. "On the supply side, new listings are coming in at healthy levels and although somewhat lower compared to historical averages, overall inventories are higher than they have been in about seven years. With a well-supplied market that is firmly in balanced territory."
Bechard said there was a total of $41 million dollars in home sales in July 2023, a sharp decrease of 28.3 per cent from the same month in 2022.
He said the number of new listings was also down sharply by 15.9 per cent from July 2022 with 228 new residential listings last month.
According to the realtors association, there were a total of 390 homes for sale in Chatham-Kent at the end of July, an increase of 10.5 per cent from the same period last year.
"Active listings haven't been this high in the month of July in more than five years," said Bechard.
He said active listings were 49.8 per cent above the five-year average and 5.7 per cent above the 10-year average for the month of July.
