It appears that homes sales in Chatham-Kent are rebounding.
According to data released by the Chatham-Kent Association of Realtors (CKAR) for July 2024, 131 homes were sold last month, up 29.7 per cent from July 2023.
CKAR president Carrie Patrick attributes the increase to the “slow and steady recovery from peak interest rates,” with sales in July adding to the “momentum” that’s been building since the start of the year.
“Market conditions have been gradually improving, although overall inventories remain elevated due to the ongoing strength in new listings,” Patrick said in a media release. “The recent pickup in demand has begun to ease supply off its peak and we’re hoping to see things continue moving in this direction as more interest rate cuts are anticipated throughout the remainder of the year.”
However, the numbers are below sales averages over the past decade. Home sales last month were four per cent below the five-year average and 2.8 per cent lower than the 10-year average.
So far, in the first seven months of the year, 752 units changed hands amounting to a minor 2.3 per cent increase over 2023.
The average price of homes sold in July 2024 was $452,560, a moderate gain over the same month in July 2023. Overall, for 2024, the average price is $428,493, edging up slightly over the first seven month last year.
The dollar value of all home sales in July 2024 was $59.3 million, an advance of 40.8 per cent from July 2023. New listings are up by 14.3 from the previous July, with a total of 272 residential listings hitting the market last month.
