Home sales appear to be cooling off a bit in Chatham-Kent after a red-hot surge in 2021.
At least in terms of total sales, not the average price, which is still holding steady above the $500,000 mark.
The Chatham-Kent Association of Realtors (CKAR) says 145 homes changed hands last month, down 13.7 per cent compared to the record number of home sales they saw in March of last year. That marked the second time through the first three months of 2022 that the total sales failed to set a new monthly record high.
CKAR reported a new monthly sales record in February, but the monthly total in January 2022 came up just shy of the monthly record total that was seen in 2021.
"Home sales continued at a strong pace in March, down from last year's astronomical record but still coming in well above other years on record," said CKAR President Amber Pinsonneault. "We've finally got some much-needed relief on the supply side in the form of new listings."
Despite failing to set a new monthly record high for total sales, the average price is still surging. It hit $522,600 last month in Chatham-Kent -- a 25 per cent increase from the same time a year ago and good enough to set a new record high for March.
The number of homes on the market also went up a bit with 199 new residential listings in March.