The real estate market in Chatham-Kent saw a significant increase in homes going up for sale last month.
On Wednesday, the Chatham-Kent Association of Realtors (CKAR) said it's a buyers market with the number of new listings increasing by 5.9 per cent from April 2024.
CKAR reported 285 homes going up for sale last month, the largest number of new listings added in the month of April in a decade, adding that 503 homes were on the market at the end of April, a jump of 11 per cent from the end of April 2024.
The real estate association added that number of new listings was 18.8 per cent above the five-year average and 36.2 per cent above the 10-year average for the month of April.
Active listings were 61.1 per cent above the five-year average and 66.7 per cent above the 10-year average for the month of April, according to the real estate group.
"Active listings haven't been this high in the month of April in more than five years." said CKAR.
The average price of homes sold in April 2025 dropped by seven per cent from the same month last year to $424,313, although that's up 2.5 per cent compared to the first four months of 2024, according to CKAR.
CKAR also reported 105 homes were sold last month, a decrease of 9.5 per cent or 11 fewer home sales from April 2024.
Home sales were 21.4 per cent below the five-year average and 16.1 per cent below the 10-year average for the month of April, according to CKAR, adding that so far this year home sales have dropped 6.7 per cent or 349 units compared to the same period in 2024.
"Sales activity posted the lowest showing for April since the onset of the pandemic. With prices dropping and high inventory, it presents opportunities for buyers in our region," said CKAR President Barbara McCaughrin. "With a newly elected Canadian government, we are hopeful that negotiations on the trade front will continue and there will be a clearer path forward on policies affecting our members and the economy. We expect an upshift in May as a typical spring market begins."
According to CKAR, CK real estate agents sold $44.6 million worth of homes last month, a big reduction of 15.9 per cent from the same month in 2024.