Chatham-Kent Association of REALTORS ® MLS ® home sales lower due to higher interest rates and consumer uncertainty

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 ® totalled 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.

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For more information contact CKAR 2024 President Carrie Patrick at (519)784-5664
Carrie Patrick, born and raised in Chatham-Kent on a Dairy farm in Dover, has been involved in the Real Estate field since 2002 as Administration at Realty House Inc. in Chatham. With 12 years administration, this gave her the grass roots to pursue her Real Estate license.  A true people person always eager to please and help her clients, her team and fellow colleagues. This all does not go unnoticed with the support of her family and friends. Combined with 30+ years of customer service and having been on several not- for- profit committees, Carrie is eager to do her utmost in volunteering and contributing to the Chatham-Kent Association of REALTORS ®; as a Director and President-Elect. 
The Chatham-Kent Association of REALTORS ® represents 220+ 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.