The price of homes in Chatham-Kent is starting to heat up again and so are the new listings and sales.
On Friday, the Chatham-Kent Association of Realtors (CKAR) reported the average price of homes sold last month was $446,856, up by 10.4 per cent from November 2023.
The real estate group said the number of new listings was also up by 10.9 per cent from last November. According to CKAR, there were 193 new residential listings in November 2024, which was the largest number of new listings added in the month of November in more than two decades.
It noted new listings were 12.9 per cent above the five-year average and 32.6 per cent above the 10-year average for the month of November.
There were 421 homes on the market (active listings) at the end of November, according to CKAR. It said active listings haven't been this high in the month of November in more than five years, adding that active listings were 41.3 per cent above the five-year average and 38.6 per cent above the 10-year average for the month of November.
"New supply coming onto the market has remained strong, providing ample choice for buyers who are now coming back off the sidelines. Heading into the end of the year our market is quite active, which is a promising sign as we move through a winter where mortgage regulation changes and potentially lower interest rates could stoke activity even further," said CKAR President Carrie Patrick. "Sales activity has been building momentum since the beginning of the year and November kept that rolling as sales were almost back on par with what we’d consider to be typical for this time of year."
CKAR also said its realtors sold $48.7 million worth of homes in November 2024, a jump of 60.4 per cent from the same month last year. It noted 109 homes were sold last month, a substantial gain of 45.3 per cent from November 2023. However, home sales were 5.2 per cent below the five-year average and 2.2 per cent below the 10-year average for the month of November.
The realtor group also reported its agents have sold a total of 1,222 homes over the first 11 months of this year, a gain of 9.3 per cent from the same stretch last year.