Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 99 units in November 2019. This was an increase of 11.2% (10 sales) from November 2018. On a year-to-date basis, home sales totalled 1,271 units over the first 11 months of the year, up 5.1% from the same period in 2018.
“Home sales marked a third-straight solid showing in November despite the supply of listings available for sales having now fallen below the 200 mark,” said Steve Carroll, President of the Chatham-Kent Association of REALTORS®. “Unprecedented market tightness is pushing prices higher, with the average sale price set to post a third-consecutive double-digit annual gain this year.”
The average price of homes sold in November 2019 was $243,721, edging up 1.1% from November 2018. The more comprehensive year-to-date average price was $250,650, climbing 17.1% from the first 11 months of 2018.
There were 115 new residential listings in November 2019. This was up 5.5% (six listings) on a year-over-year basis.
Active residential listings numbered 190 units at the end of November. This was a decrease of 14% from the end of November 2018 and marked the lowest level on record for the month. Months of inventory numbered just 1.9 at the end of November 2019, down from the 2.5 months recorded at the end of November 2018 and a record low 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