Chatham-Kent Association of REALTORS®

The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 106 units in March 2024. This was unchanged from March 2023.

Home sales were 16.8% below the five-year average and 9.7% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 258 units over the first three months of the year. This was up by 13.2% from the same period in 2023.

“Although home sales and new listings were flat on a year-over-year basis, both of these measures are showing a steady improvement on a monthly basis and continue to strengthen heading into what is traditionally the busiest time of the year,” said Carrie Patrick, President of the Chatham-Kent Association of REALTORS®. “Overall supply levels are at historical norms and still rising as sellers eagerly continue to list their homes in anticipation of what now feels like the long-awaited return of demand. Once buyers decide to return to the market, they will find that ample choice awaits them, and we will likely see a period of modest price growth as this inventory is gradually absorbed.”

The average price of homes sold in March 2024 was $407,197, a minor decrease of 2% from March 2023.

The more comprehensive year-to-date average price was $406,275, a small reduction of 1.9% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $43.2 million, falling by 2% from the same month in 2023.

The number of new listings saw a modest decline of 1.3% (three listings) from March 2023. There were 225 new residential listings in March 2024.

New listings were 15.9% above the five-year average and 24.1% above the 10-year average for the month of March.

Active residential listings numbered 388 units on the market at the end of March, up by 9.6% from the end of March 2023. Active listings haven’t been this high in the month of March in more than five years.

Active listings were 75.7% above the five-year average and 39.5% above the 10-year average for the month of March.

Months of inventory numbered 3.7 at the end of March 2024, up from the 3.3 months recorded at the end of March 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.