The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 105 units in January 2021. This was an increase of 14.1% (13 sales) from January 2020 and was a new sales record for the month of January.
“Home sales have started off on a very strong foot in 2021,” said Laura Tourangeau, President of the Chatham-Kent Association of REALTORS®. “Demand for properties bounced back very quickly in the second half of 2020 and that strength has continued into 2021. New listings have struggled to keep up with demand, and we will need to see how many come onto the market in the spring. With levels of supply at all-time lows buyers have needed to compete to get the properties they want, and that has resulted in significant price gains.”
The average price of homes sold in January 2021 was a record $350,452, advancing 42.4% from January 2020.
The dollar value of all home sales in January 2021 was $36.8 million, a significant gain of 62.5% from the same month in 2020. This was also a new record for the month of January.
There were 91 new residential listings in January 2021. This was a decrease of 13.3% (14 listings) from the end of January 2020.
Active residential listings numbered 59 units at the end of January, declining 60.1% from the end of January 2020. Active listings haven’t been this low in the month of January in more than three decades.
Months of inventory numbered 0.6 at the end of January 2021, down from the 1.6 months recorded at the end of January 2020 and below the long-run average of 5.7 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.