Chatham-Kent Association Of REALTORS ® February Market Update

Chatham-Kent Association of REALTORS ® MLS ® home sales still on a roll as

activity keeps rising in February.

The number of homes sold through the MLS ® System of the Chatham-Kent

Association of REALTORS ® totaled 83 units in February 2024. This was a substantial

increase of 36.1% from February 2023.

Home sales were 9.8% below the five-year average and 4.8% below the 10-year

average for the month of February.

On a year-to-date basis, home sales totaled 144 units over the first two months of

the year. This was a sizable gain of 22% from the same period in 2023.

“Home sales and new listings are both leading the recovery in our local market,

with sales activity marking a particularly strong comeback from last year’s 10-year

low,” said Carrie Patrick, President of the Chatham-Kent Association of REALTORS ® .

“As a result of demand and new supply rising in tandem, overall inventories haven’t

really shifted much in the past few months although this individual metric isn’t

telling the story of what’s going on under the surface. On the price side we’re still

seeing a softer environment as sellers continue to adapt their pricing strategies to

move inventory that’s been sitting on the market for longer.”

The average price of homes sold in February 2024 was $409,027, decreasing by

4.2% from February 2023.

The more comprehensive year-to-date average price was $404,978, a modest

decline of 2.4% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $33.9 million, up sharply

by 30.3% from the same month in 2023.

The number of new listings saw an increase of 18.2% from February 2023. There

were 169 new residential listings in February 2024. This was the largest number of

new listings added in the month of February in more than a decade.

New listings were 15.9% above the five-year average and 29.6% above the 10-year

average for the month of February.

Active residential listings numbered 316 units on the market at the end of February,

a moderate gain of 6% from the end of February 2023. Active listings haven’t been

this high in the month of February in more than five years.

Active listings were 67.6% above the five-year average and 28.5% above the 10-

year average for the month of February.

Months of inventory numbered 3.8 at the end of February 2024, down from the 4.9

months recorded at the end of February 2023 and above the long-run average of 3

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.