Chatham-Kent Association of REALTORS ® MLS ® home sales continue to rise
even as new listings continue to decline

The number of homes sold through the MLS ® System of the Chatham-Kent
Association of REALTORS ® totaled 135 units in April 2023. This was a minor
decrease of 2.2% (three sales) from April 2022.

Home sales were 10.3% above the five-year average and 10.6% above the 10-year
average for the month of April.

On a year-to-date basis, home sales totaled 356 units over the first four months of
the year. This was a large decline of 29.9% from the same period in 2022.

“In a very short amount of time home sales have turned a corner and have
rebounded to above-average levels. In fact, sales activity in April notched one of
the best levels for this month in history,” said Matt Bechard, President of the
Chatham-Kent Association of REALTORS ® . “The rebound in sales has occurred
despite a lack of new listings coming to the market. This has had the effect of
putting a stop to the rise in the overall stock of listings on the market, tightening
the balance back in favour of sellers, and causing stronger price growth – since
bottoming in December 2022, average price levels have gone up by more than
$50,000.”

The average price of homes sold in April 2023 was $437,270, a substantial decline
of 12.4% from April 2022.
The more comprehensive year-to-date average price was $423,563, a sharp
decrease of 16.2% from the first four months of 2022.

The dollar value of all home sales in April 2023 was $59 million, down sharply by 14.3% from the same month in 2022.
The number of new listings saw a decrease of 6.4% (13 listings) from April 2022.
There were 190 new residential listings in April 2023.
New listings were 7.8% above the five-year average and 4.3% below the 10-year average for the month of April.
Active residential listings numbered 308 units on the market at the end of April, more than double the levels from a year earlier, leaping 111% from the end of April 2022 and below the long-run average of 2.7 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.