Chatham-Kent Association of REALTORS®

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 135 units in August 2024. This increased by 7.1% (nine sales) from August 2023.

Home sales were 4.8% below the five-year average and 4.6% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 885 units over the first eight months of the year. This was a modest gain of 2.8% from the same period in 2023.

“Home sales continued to rise in August and new listings hit their highest level on record for this month as our local market continues to gather steam,” said Carrie Patrick, President of the Chatham-Kent Association of REALTORS®. “The overall level of available listings has begun trending down but remains above historical norms, so there is still a window of opportunity for buyers who are looking to negotiate a deal amid an ample supply of homes for sale.”

The average price of homes sold in August 2024 was $412,070, down sharply by 11.7% from August 2023.

The more comprehensive year-to-date average price was $426,536, a minor decrease of 1.2% from the first eight months of 2023.

The dollar value of all home sales in August 2024 was $55.6 million, a moderate decrease of 5.4% from the same month in 2023.

The number of new listings was up by 26.1% from August 2023. There were 275 new residential listings in August 2024. This was also the largest number of new listings added in the month of August in history.

New listings were 19.2% above the five-year average and 36.3% above the 10-year average for the month of August.

Active residential listings numbered 460 units on the market at the end of August, a gain of 12.2% from the end of August 2023. Active listings haven’t been this high in the month of August in more than five years.

Active listings were 42.6% above the five-year average and 30.5% above the 10-year average for the month of August.

Months of inventory numbered 3.4 at the end of August 2024, up from the 3.3 months recorded at the end of August 2023 and above the long-run average of 2.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.