Realtors in Chatham-Kent had a good month selling homes in January, but so did homeowners with the average price of sold homes rising to its highest level in nearly two years.
The Chatham-Kent Association of Realtor (CKAR) reported on Monday that 87 homes were old last month, a sharp rise of 33.8 per cent from January 2024. The dollar value of all home sales in January 2025 was $40.4 million, an increase of 55.2 per cent from the same month in 2024, according to CKAR.
Home sales were also 1.2 per cent above the five-year average and 12.5 per cent above the 10-year average for the month of January.
CKAR also said the price of an average home sold in January 2025 shot up to $464,769, a sizable gain of 15.9 per cent from January 2024 and the highest home price in almost two years.
"Sales roared back from December, surpassing the long-term January averages in a strong rebound. New listings saw a modest rise but remained well above typical levels, more than doubling the number of sales. Yet despite this influx, overall inventory barely budged, remaining well above normal for this time of year," said CKAR President Barbara McCaughrin. "Meanwhile, prices climbed year-over year, hitting their highest monthly average since summer 2023. With market conditions holding steady in balanced territory the stage is set for a interesting few months ahead. However, the looming threat of tariffs is casting a shadow over the Chatham-Kent’s economy. Given the region’s significant agricultural and automotive sectors, these tariffs will almost certainly impact job security, and by extension cause home buyers to reassess their options."
The number of new listings was up by 7.1 per cent or 12 listings from January 2024, noted CKAR, adding there were 180 new residential listings in January 2025, the largest number of new listings added in the month of January in more than a decade.
New listings were 24.3 per cent above the five-year average and 38.7 per cent above the 10-year average for the month of January, said the realtors association.
The realtors group also reported 369 homes for sale at the end of January, a jump of 18.6 per cent from the end of January 2024.
"Active listings haven't been this high in the month of January in more than five years," noted CKAR.
The group said the number of homes on the market was 65.2 per cent above the five-year average and 54.8 per cent above the 10-year average for the month of January.
"Months of inventory numbered 4.2 at the end of January 2025, down from the 4.8 months recorded at the end of January 2024 and above the long-run average of 3.6 months for this time of year," reported CKAR.
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.