Home sales climb in January

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The home-sales rollercoaster ride in Chatham-Kent continued in January.

According to figures from the Chatham-Kent Association of Realtors (CKAR), home sales were up about seven per cent from January of 2023, as 61 units changed hands.

Still, the sales were more than 27 per cent below the five-year average for January sales in C-K and nearly 15 per cent below the 10-year average.

The January bump has local realtors hopeful.

“Sales activity has been on a gradual rise over the past four months as buyers seems to be cautiously leaving the sidelines and returning to the market,” said Carrie Patrick, president of CKAR, in a media release. “Whether it’s because interest rates seem to have definitively plateaued for the time being and future rate movements are biased to the downside, or maybe because some buyers can no longer keep waiting and need a new place to call home, our market seems to be on a steady path to recovering.”

The average price of homes sold in January 2024 was $399,470, down slightly from January 2023.

The dollar value of all home sales in January 2024 was $24.4 million, up by 6.3 per cent from the same month in 2023.

The number of new listings saw an increase of 4.6 per cent (seven listings) from January 2023. There were 160 new residential listings in January 2024. This was the largest number of new listings added in the month of January in more than five years.

New listings were 30.1 per cent above the five-year average and 30.7 per cent above the 10-year average for the month of January.

Active residential listings numbered 288 units on the market at the end of January, a slight gain of 0.3 per cent (one listing) from the end of January 2023. Active listings haven’t been this high in the month of January in more than five years.

Active listings were 69.4 per cent above the five-year average and 20.1 per cent above the 10-year average for the month of January.

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