Home sales dip slightly in January

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Chatham-Kent realtors had a busy January, selling 102 units in the month, but it was down four sales from January 2021.

Still, sales were up about 21 per cent above the five-year average and 42.5 per cent ahead of the 10-year average.

Amber Pinsonneault, president of the Chatham-Kent Association of Realtors, said prices are still high.

“Average price levels continue trending at or near historical peaks as demand remains incredibly strong due to many people relocating from larger city centres,” she said in a media release. “This contributes to the fact that listing levels are at their lowest ever. With market tightness unlikely to see any relief in the near future, it will be interesting to see what, if any, impact rising rates will have once spring begins.”

New listings continue to rise, but just not enough to offset interest. They were up 7.4 per cent ahead of the five-year average as 105 new homes came on the market in the month.

Despite being ahead of the five-year curve, the new listings were 14 per cent below the 10-year average for January.

At the end of the month, there were just 62 homes on the market, down slightly from a year ago. The active listings were 51.8 per cent below the five-year average and 78.1 per cent below the 10-year average for the month of January.

With the low inventory, demand remains high. The average price of homes sold in January 2022 was $457,160, increasing by 26.5 per cent from January 2021.

The dollar value of all home sales in January 2022 was $46.6 million, up by 21.7 per cent from the same month in 2021. This was also a new record for the month of January.

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