The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 124 units in February 2022. This was a gain of 17% from February 2021. This was also a new sales record for the month of February.
Home sales were 34.2% above the five-year average and 45.7% above the 10-year average for the month of February.
On a year-to-date basis, home sales totaled a record 226 units over the first two months of the year. This was up by 6.6% (14 sales) from the same period in 2021.
“Sales activity reached the best February in history, continuing the strong momentum we saw at the end of 2021 and during the first month of 2022.” said Amber Pinsonneault, President of the Chatham-Kent Association of REALTORS®. “What’s really surprising is that home sales managed to record a level as high as they did with new listings only sitting around average levels for this time of year. Stronger demand has been eating into overall inventories, which are once again on their way back down towards record lows. With competition among potential buyers heating up, average price levels went north of $500K for the first time ever in February.”
The average price of homes sold in February 2022 was a record $531,544, a substantial increase of 37.2% from February 2021.
The more comprehensive year-to-date average price was $497,972, a jump of 33% from the first two months of 2021.
The dollar value of all home sales in February 2022 was $65.9 million, a substantial gain of 60.5% from the same month in 2021. This was also a new record for the month of February.
The number of new listings saw a decline of 5.6% (eight listings) from February 2021. There were 134 new residential listings in February 2022.
New listings were 6.9% above the five-year average and 2.6% above the 10-year average for the month of February.
Active residential listings numbered 67 units on the market at the end of February, down sharply by 15.2% (12 listings) from the end of February 2021. Active listings haven’t been this low in the month of February in more than three decades.
Active listings were 52.1% below the five-year average and 77.2% below the 10-year average for the month of February.
Months of inventory numbered 0.5 at the end of February 2022, down from the 0.7 months recorded at the end of February 2021 and below the long-run average of 4 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.