Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 121 units in November 2016, rising 36 per cent on a year-over-year basis. Sales numbered 1,386 over the first eleven months of the year, up 17.3 per cent on a year-over-year basis.“November added to the list of record and near-record months over the last six months that have put sales activity in the Chatham-Kent region on the path to setting a new annual record in 2016,” said Barb Phillips, President of the Chatham-Kent Association of REALTORS®. “Despite active listings trending downward and historically tight market conditions, price gains have been modest with the year-to-date average price up less than two per cent from a year earlier.”
The average price of homes sold in November 2016 was $161,366, up 10 per cent from November 2015. The less volatile year-to-date average sale price was $162,134, up 1.7 per cent from the same period in 2015. New listings numbered 124 units in November, down 9.5 per cent from the same month last year. There were 358 active residential listings on the Association’s MLS® System at the end of November 2016. This was down 32.2 per cent from November 2015, and marks the lowest level on record for active supply at this time of the year. There was a near-record low three months of inventory at the end of November 2016, down from 5.9 months a year earlier and well below the long-run average for this time of the 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.