It looks like prospective homebuyers in Chatham-Kent will have plenty of options to choose from this spring.
On Wednesday, the Chatham-Kent Association of Realtors (CKAR) reported 388 homes on the market at the end of March 2024, a 9.6 per cent rise from the same period last year.
CKAR said active listings haven't been this high in the month of March in more than five years, despite the number of new listings declining modestly by 1.3 per cent or three listings from March 2023.
According to CKAR, active listings were 75.7 per cent above the five-year average and 39.5 per cent above the 10-year average for the month of March.
The realtors association noted 225 new residential listings last month, 15.9 per cent above the five-year average and 24.1 per cent above the 10-year average for the month of March.
CKAR said 106 homes were sold last month, no change from March 2023.
Home sales were 16.8 per cent below the five-year average and 9.7 per cent below the 10-year average for the month of March, said the association.
CKAR also reported 258 homes have been sold during the first three months of this year, up by 13.2 per cent from the same period in 2023.
"Although home sales and new listings were flat on a year-over-year basis, both of these measures are showing a steady improvement on a monthly basis and continue to strengthen heading into what is traditionally the busiest time of the year," said CKAR President Carrie Patrick. "Overall supply levels are at historical norms and still rising as sellers eagerly continue to list their homes in anticipation of what now feels like the long-awaited return of demand. Once buyers decide to return to the market, they will find that ample choice awaits them, and we will likely see a period of modest price growth as this inventory is gradually absorbed."
The average price of homes sold across Chatham-Kent last month dropped by 2 per cent compared to the same period last year to $407,197.