The number of homes sold in Chatham-Kent and the average price of those homes were down in May compared to the same month in 2023.
Home sales were down nearly 15 percent in May compared to May of 2023, according to Chatham-Kent Association of Realtors (CKAR) figures.
As well, the price obtained for homes sold was down, but only by about 0.4 per cent as compared to May 2023.
In relation to the five-year average, home sales were down 13.1 per cent in May, and off nearly 20 per cent as compared to the 10-year average.
Still, home sales to date are almost on par with the first five months of 2023, with only 10 fewer homes selling over that time period, a dip of two per cent, according to CKAR figures.
Carrie Patrick, president of CKAR, said prospective buyers aren’t as quick to jump into the market these days.
“After rising modestly earlier in the spring, demand has tapered off as we near the summer months,” she said in a media release. “Although sellers are still out in stronger numbers than almost ever, buyers have decided once again to retreat to the sidelines despite accelerating levels of inventory and prices roughly back on par with where they stood three years ago.
Patrick said the high inventory levels offer buyers great selection.
“There’s plenty of choice and good deals to be had as our market flirts with buyer’s territory but it seems they are still holding back their purchasing decisions for the time being,” she said.
The number of new listings was up by 1.1 per cent from May 2023.
There were 273 new residential listings in May 2024. This was the largest number of new listings added in the month of May in a decade.
New listings were 14.6 per cent above the five-year average and 19.4 per cent above the 10-year average for the month of May.
Active residential listings numbered 474 units on the market at the end of May, an increase of 26.4 per cent from the end of May 2023. Active listings haven’t been this high in the month of May in more than five years.
