1 February 2021
Category Uncategorised
1 February 2021,
 Off
The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 104 units in February 2021. This was up by 20.9% from February 2020. This was also a new sales record for the month of February.
On a year-to-date basis, home sales totaled a record 208 units over the first two months of the year. This was an increase of 16.9% from the same period in 2020.
“Home sales surpassed the 100 level for the first time ever in February, although with the way demand has persisted throughout the past several months this doesn’t come as much of a surprise anymore,” said Laura Tourangeau, President of the Chatham-Kent Association of REALTORS®. “New supply has not materialized in any meaningful way and as a result market conditions are among the tightest they’ve ever been. Now, more than ever it’s the time to have the expertise and knowledge of a local REALTOR® guide you in the process of negotiation. Using a local professional brings value in all aspects of buying and selling one of the largest transactions in a person’s life.”
In February 2021 the average price of homes sold was a record $385,803, a large gain of 35% from February 2020.
The more comprehensive year-to-date average price was $367,019, a substantial gain of 38.3% from the first two months of 2020.
The dollar value of all home sales in February 2021 was $40.1 million, a sharp increase of 63.3% from the same month in 2020. This was also a new record for the month of February.
The number of new listings was unchanged from February 2020. In February 2021 there were 139 new residential listings.
There were 74 active residential listings on the market at the end of February, a substantial decline of 58.4% from the end of February 2020. Active listings haven’t been this low in the month of February in more than three decades.
Months of inventory numbered 0.7 at the end of February 2021, down from the 2.1 months recorded at the end of February 2020 and below the long-run average of 4.7 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.

 

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