Buying a home in Chatham-Kent cost more last month.
The Chatham-Kent Association of Realtors (CKAR) is reporting the average price of a home in Chatham-Kent jumped to $468,100 last month from $414,110 in July 2023. Last month's average price saw an increase of 10.9 per cent from August 2022.
The average price of a home sold in the municipality in June was $440,471.
CKAR added the average price of a home is still nowhere near what it was during the first eight months of last year with the year-to-date average price of a home at $433,374 so far this year, a sharp decrease of 10.1 per cent from the same time last year.
CKAR said the total dollar value of all home sales in August 2023 across the municipality was $57.1 million, up by 14.6 per cent from the same month in 2022.
The realtors association also reported the number of homes sold last month rose slightly.
There were 122 homes sold in August 2023, a minor increase of 3.4 per cent (four sales) compared to the same period last year. However, sales were 11.6 per cent below the five-year average and 11.7 per cent below the 10-year average for the month of August.
Realtors across Chatham-Kent have sold a total of 839 homes so far this year. This was a large decline of 14.7 per cent from the same period in 2022, according to CKAR.
“Home sales recorded a small year-over-year gain in August as the monthly recovery has stalled and demand is basically moving sideways at the moment,”; said CKAR President Matt Bechard. “New listings are still coming in at supportive levels but the market has gradually tightened. Prices are also recording stronger gains, with average price levels now back up to the highest readings since last July.”
Bechard said the number of new listings saw a substantial decrease of 11.8 per cent from August 2022 with 210 newly listed homes for sale last month. However, the number of new listings is still above the five-year average and the 10-year average for the month of August, CKAR said.
The association said there are currently 386 homes on the market, a small gain of 1.6 per cent (six listings) from the end of August 2022.
"Active listings haven’t been this high in the month of August in more than five years," said Bechard.
Active listings are 44.4 per cent above the five-year average and 7.8 per cent above the 10-year average for the month of August.
