Chatham-Kent’s residential real estate market is showing signs of heating up again.
The 132 units sold through the multiple listings system of the Chatham-Kent Association of Realtors (CKAR) in June was a substantial gain of 32 per cent from the number of homes sold in the same month last year, according to a market report released Friday .
Home sales were 2.7 per cent below the five-year average and 2.4 per cent below the 10-year average for June, according to the area realty board.
On a year-to-date basis, however, home sales totaled 618 units over the first half of the year, down 17.6 per cent from the same period in 2022.
“Sales activity posted the first year-over-year gain since February 2022 as the recovery in demand continued along in June, with figures for the month almost back in line with their longer-term averages,” said CKAR president Matt Bechard.
The 239 new residential listings in June were 7.4 per cent less than in the same month last year, but 1.4 per cent above the five-year average and 16.1 per cent above the 10-year average for the month.
The active listing of 356 units for sale at the end of June was a gain of 22.8 per cent.
Active listings haven’t been this high in June in more than five years, said Bechard. Active listings were 41.5 per cent above the five-year average and fractionally below the 10-year average for June.
“The recovery in sales has been helped along by above-average levels of new listings, something that other areas in the province have been lacking,” he said. “However, sellers are not shying away from our local market and continue to fuel the rebound in sales activity.
“On the price side we’re seeing a steady upward trend but not quite at the record levels from last year,” Bechard added. “The average price of homes sold in June 2023 was $440,471, up modestly by 2.3 per cent from June 2022.”
The most comprehensive year-to-date average selling price was $429,604, down 12.3 per cent from the first half of 2022, according to CKAR.
The dollar value of all home sales in June 2023 was $58.1 million, up 35 per cent from the same month in 2022.