There was a slight increase in the number of homes sold in Chatham-Kent in January compared to the same month last year, local real estate officials say.
Article content
The MLS System of the Chatham-Kent Association of Realtors reported 61 home sales, a seven-per-cent increase from January 2023.
Article content
However, sales were 27.2 per cent below the five-year average and 14.8 per cent below the 10-year average for the month.
“Sales activity has been on a gradual rise over the past four months as buyers seems to be cautiously leaving the sidelines and returning to the market,” Carrie Patrick, association president, said in a release Monday.
“Whether it’s because interest rates seem to have definitively plateaued for the time being and future rate movements are biased to the downside, or maybe because some buyers can no longer keep waiting and need a new place to call home, our market seems to be on a steady path to recovery.”
Article content
The average price of homes sold in January was $399,470, down 0.7 per cent from the same month last year, while the total dollar value was $24.4 million, up by 6.3 per cent, officials said.
The number of new listings saw a 4.6-per-cent hike from January 2023. There were 160 new residential listings last month, which was the largest number of new listings added in the month in more than five years.
New listings were 30.1 per cent above the five-year average and 30.7 per cent above the 10-year average for the month.
Active residential listings numbered 288 units on the market at the end of January, a slight gain of 0.3 per cent from the end of January 2023. Active listings haven’t been this high for the month in more than five years, officials added.
Active listings were 69.4 per cent above the five-year average and 20.1 per cent above the 10-year average.
There were 4.7 months of inventory at the end of January, down from the five months recorded at the end of the same month last year and above the long-run average of 3.9 months.
The number of months of inventory is the time it would take to sell current inventories at the current rate of sales activity.
Share this article in your social network