Chatham-Kent Association of REALTORS® MLS® home sales continue slow and steady recovery in beginning to 2024
The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 61 units in January 2024. This was an increase of 7% (four sales) from January 2023.
Home sales were 27.2% below the five-year average and 14.8% below the 10-year average for the month of January.
“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,” said Carrie Patrick, President of the Chatham-Kent Association of REALTORS®. “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 recovering.”
The average price of homes sold in January 2024 was $399,470, edging down 0.7% from January 2023.
The dollar value of all home sales in January 2024 was $24.4 million, up by 6.3% from the same month in 2023.
The number of new listings saw an increase of 4.6% (seven listings) from January 2023. There were 160 new residential listings in January 2024. This was the largest number of new listings added in the month of January in more than five years.
New listings were 30.1% above the five-year average and 30.7% above the 10-year average for the month of January.
Active residential listings numbered 288 units on the market at the end of January, a slight gain of 0.3% (one listing) from the end of January 2023. Active listings haven’t been this high in the month of January in more than five years.
Active listings were 69.4% above the five-year average and 20.1% above the 10-year average for the month of January.
Months of inventory numbered 4.7 at the end of January 2024, down from the 5 months recorded at the end of January 2023 and above the long-run average of 3.9 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.
|* In millions of dollars
|** The year-to-date active listings figure is a monthly average of the number of homes on the market at the end of each month so far this year
BOARD & ASSOCIATION INFORMATION
The Chatham-Kent Association of REALTORS® represents 200+ REALTORS® registered with its member offices. The geographical area served by the Board is the municipality of Chatham-Kent in the heart of southwestern Ontario.
CHATHAM-KENT ASSOCIATION OF REALTORS®
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