April 10, 2023 at 11:49 am
After a slow start to the year, local home sales are starting to show signs of recovery, the Chatham-Kent Association of Realtors (CKAR) reports.
On Monday, CKAR said 103 homes were sold last month, down 28.5% from March 2022, 16% below the five-year average and 7% below the 10-year average for March.
In the first three months of this year, local realtors sold 221 homes, also down 40.3 percent from the same period last year, according to the Real Estate Institute.
However, there were 10.6% more homes for sale in March compared to March 2022. CKAR said last month’s 219 new listings was the highest number of new listings in March in more than a decade. New listings in March were 27.5 percent above the five-year average and 28.7 percent above the 10-year average, according to CKAR.
CKAR also noted that there were 338 homes for sale in the Chatham-Kent market, more than double the number at this time a year ago. A surge of 218.9% compared to the end of March 2022.
“March’s home sales report, while down from last year, was a notable increase from February. This suggests the market is rebounding after a slow start to the year,” said CKAR President Matt Bechard. “The number of new listings has increased since March 2022. This is good news for potential buyers as it means there are more homes to choose from. The increase in sales and new listings shows that With spring on the horizon, the market is gaining momentum. Market conditions in our area remain balanced, neither favorable for buyers nor sellers. Our local market remains competitive with well-maintained and affordable homes It’s being snapped up quickly. It’s reasonable to expect a clearer path forward as we move through spring and summer.”
The average price of a home sold in March 2023 was $415,430, a 20.6% decrease from March 2022.
Local realtors sold a total of $42.8 million worth of homes last month, down 43.2% from the same month in 2022.
By contrast, Chatham-Kent realtors sold 61 homes for a total of $26 million in February, both down from February 2022.