Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 127 units in June 2020. This was little changed, down only 0.8% (one sale) from June 2019.
On a year-to-date basis, home sales totalled 554 units over the first six months of the year. This was a decrease of 12.3% from the same period in 2019.
“The local housing market showed signs of recovery in June, bringing us closer to pre-covid norms,” said Michael Gibbons, President of the Chatham-Kent Association of REALTORS®. “However, though sales are rebounding, and prices have risen, we are still dogged by low inventory levels, especially in the low to mid range price points.”
The average price of homes sold in June 2020 was $315,296, rising 29.1% from June 2019.
The more comprehensive year-to-date average price was $287,489, rising 16.6% from the first six months of 2019
There were 181 new residential listings in June 2020. This was up 8.4% (14 listings) on a year-over-year basis.
Overall supply continues trending at record lows. Active residential listings numbered 184 units at the end of June. This was a large decline of 34.3% from the end of June 2019.
Months of inventory numbered 1.4 at the end of June 2020, down from the 2.2 months recorded at the end of June 2019 but below the long-run average of 4.2 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.
The Chatham-Kent Association of REALTORS® represents 165 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.