Home sales in March mirrored those of the same month one year ago.
This past month, 106 homes changed hands, according to the Chatham-Kent Association of Realtors (CKAR).
However, that number sits nearly 17 per cent below the five-year average and almost 10 per cent below the 10-year average for sales in the month of March in Chatham-Kent.
Despite that fact, so far this year, the first three months have seen 258 units change hands. That’s actually up more than 13 per cent from the same period a year ago.
Carrie Patrick, president of CKAR, said the market is getting stronger as warmer – and busier – months approach.
“Although home sales and new listings were flat on a year-over-year basis, both of these measures are showing a steady improvement on a monthly basis and continue to strengthen heading into what is traditionally the busiest time of the year,” she said in a media release.
The average price of homes sold in March 2024 was $407,197, a dip of two per cent from March 2023.
Looking at sales from the first three months of the year, the average price sat at $406,275, also a drop of about two per cent from the first three months of 2023.
People listed 225 homes for sale in March. That number is 16 per cent above the five-year average and more than 24 per cent above the 10-year average for the month of March.
“Overall supply levels are at historical norms and still rising as sellers eagerly continue to list their homes in anticipation of what now feels like the long-awaited return of demand,” Patrick said. “Once buyers decide to return to the market, they will find that ample choice awaits them, and we will likely see a period of modest price growth as this inventory is gradually absorbed.”
Active residential listings numbered 388 units on the market at the end of March, up by 9.6 per cent from the end of March 2023. Active listings haven’t been this high in the month of March in more than five years.
