The Chatham-Kent Association of Realtors is reporting that the local real estate market is starting to show signs of life but it still has a long way to go to bounce back to what it was a few years ago.
Local real estate agents have been on a roller coaster ride recently with sales dropping and prices climbing. CKAR said sales in May were at a 30 year low but the average price of a home in the Chatham area broke a record at almost $317,000. The real estate association added sales last month dropped by 43 per cent compared to May of 2019, but the average price of a home jumped 24 per cent from what it was a year ago.
“Home sales and new listings recorded an increase over April’s record lows but we’re still a long way off from a recovery in the housing market,” said Michael Gibbons, president of the Chatham-Kent Association of Realtors. “Still, it’s good to see some signs of life returning to the market."
The group said 87 homes were sold last month to bring the total for the year to 427 houses sold, a 15 per cent overall decline from the first five months of last year.
Gibbons said open houses and in-person showings still have restrictions and realtors are working hard to maintain COVID-19 precautions.
CKAR said the overall number of homes for sale continues to be at record lows. It said there were 166 homes for sale in Chatham-Kent at the end of May, which is a 40 per cent drop from the same time last year.