Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 143 units in April 2016, up 32.4 per cent on a year-over-year basis. Sales numbered 400 over the first four months of the year, up 22.7 per cent on a year-over-year basis.
“Home sales in April 2016 were tied with 1997 for the second best April ever in the region. We are seeing unusually high levels of sales, despite ever shrinking levels of supply,” said Barb Phillips, President of the Chatham-Kent Association of REALTORS®. “We’re now looking at fewer than four months of inventory, which is almost unprecedented. Competition among buyers is starting to move prices up, but this won’t be realized for a few months as we forecast this trend to continue.”
The average price of homes sold in April 2016 was $165,408, up 2.5 per cent from April 2015. The less volatile year-to-date average sale price was $157,189, edging up 0.5 per cent from the same period in 2015.
New listings numbered 236 units in April, a decrease of 18.3 per cent from the same month last year. There were 530 active residential listings on the Association’s MLS® System at the end of April 2016. This was down 18.7 per cent from April 2015.