Home sales continued to tick upwards in August in Chatham-Kent.
According to the Chatham-Kent Association of Realtors (CKAR), August sales were up by about seven per cent compared to August 2023. That’s nine more properties changing hands.
Despite the bump, home sales in August remained nearly five per cent below the five-year average for sales in the month of August.
Look at how sales have progressed through the first eight months of 2024 compared to 2023, they are up by about three per cent.
Carrie Patrick, CKAR president, sees it as a good sign.
“Home sales continued to rise in August and new listings hit their highest level on record for this month as our local market continues to gather steam,” Patrick said in a media release.
The number of new listings was up by 26.1 per cent from August 2023. There were 275 new residential listings in August 2024.
This was also the largest number of new listings added in the month of August in history.
Those new listings were 19.2 per cent above the five-year average and 36.3 per cent above the 10-year average for the month of August.
Despite the influx of new listings, what’s on the market overall is a bit down, Patrick said.
“The overall level of available listings has begun trending down but remains above historical norms, so there is still a window of opportunity for buyers who are looking to negotiate a deal amid an ample supply of homes for sale,” she said.
The average price of homes sold in August 2024 was $412,070, down 11.7 per cent from August 2023.
Looking at home prices through the first eight months of the year, the year-to-date average price was $426,536, a dip of 1.2 per cent from the first eight months of 2023.
