Interest rate recovery led to the best July home sales in three years, the Chatham-Kent Association of Realtors says.
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A total of 131 homes were sold through the MLS system last month, up 29.7 per cent from the same month last year, the association said.
Home sales were four per cent below the five-year average and 2.8 per cent below the 10-year average for the month.
There have been 752 sales over the first seven months of 2024, the group said. That’s up 2.3 per cent from the same period last year.
“The slow and steady recovery from peak interest rates continues in 2024, with July adding to the momentum that’s been building since the start of the year,” Carrie Patrick, association president, said in a release Monday.
“Market conditions have been gradually improving, although overall inventories remain elevated due to the ongoing strength in new listings,” she added. “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. . . (this) year.”
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The average price of homes sold in July was $452,560, up 8.5 per cent from July 2023. The more comprehensive year-to-date average price was $428,493, up 0.6 per cent from the first seven months of 2023.
Dollar value of all homes sold last month was $59.3 million, up 40.8 per cent from the same month a year ago.
Last month’s 272 new listings was a 14.3 per cent increase from July 2023. New listings were 16.7 per cent above the five-year average and 25.4 per cent above the 10-year average for the month.
There were 481 active residential listings on the market at the end of July, up15.6 per cent from the end of last July. Active listings haven’t been this high in July in more than five years, the association added.
Active listings were 52.4 per cent above the five-year average and 33.2 per cent above the 10-year average for the month.
There were 3.7 months of inventory at the end of last month, down from 4.1 months recorded at the end of July 2023 and above the long-run average of 2.8 months for the time of year.
The number of months of inventory is the time it would take to sell inventories at the current sales rates.
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