1 July 2021
Category Uncategorised
1 July 2021,
 Off
The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 170 units in July 2021. This increased by 13.3% from July 2020. This was also a new sales record for the month of July.
Home sales were 24.5% above the five-year average and 32.7% above the 10-year average for the month of July.
On a year-to-date basis, home sales totaled a record 1,069 units over the first seven months of the year. This was a significant increase of 49.9% from the same period in 2020.
“Home sales are still going strong. Where other markets in the province are moderating and back down to more average levels, we’re seeing new records for sales activity,” said Laura Tourangeau, President of the Chatham-Kent Association of REALTORS®. “The good news is that new listings are matching the strength in demand, providing a much-needed influx of supply to a very tight market. Overall inventories have stopped falling but remain at rock-bottom levels and price growth is firmly anchored in double-digit territory. Barring any sudden decline in appetite for homes or a gradual moderation in demand we expect these trends to persist into the near future.”
The average price of homes sold in July 2021 was $409,161, up by 25.9% from July 2020.
The more comprehensive year-to-date average price was $401,886, a substantial increase of 35.5% from the first seven months of 2020.
The dollar value of all home sales in July 2021 was $69.6 million, a jump of 42.7% from the same month in 2020. This was also a new record for the month of July.
The number of new listings saw a substantial gain of 54.6% from July 2020. There were 218 new residential listings in July 2021. This was the largest number of new listings added in the month of July in more than five years.
New listings were 20% above the five-year average and 10.1% above the 10-year average for the month of July.
Active residential listings numbered 147 units on the market at the end of July, a gain of 6.5% (nine listings) from the end of July 2020.
Active listings were 35.2% below the five-year average and 66% below the 10-year average for the month of July.
Months of inventory numbered 0.9 at the end of July 2021, unchanged from the 0.9 months recorded at the end of July 2020 and below the long-run average of 3.7 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.

 

 

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