Chatham-Kent home sales and average price set all-time high in August 2020

Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 160 units in August 2020. This was an increase of 24% from August 2019. This was also a new sales record for the month of August and was the highest level for any month in history.
On a year-to-date basis, home sales totalled 861 units over the first eight months of the year. This was down 4.1% from the same period in 2019.
“August was another record setting month for Chatham-Kent real estate,” said Michael Gibbons, President of the Chatham-Kent Association of REALTORS®. “New listings continued however, demand is so strong it effectively removes any gains made in supply especially in the lower- to mid-price ranges. Consequently, the average sale price of properties rose to another all-time high breaching the $325,000 level for the first time in history.”
The average price of homes sold in August 2020 was a record $325,526, rising 27.3% from August 2019.
The more comprehensive year-to-date average price was $300,605, rising 20.6% from the first eight months of 2019
There were 173 new residential listings in August 2020. This was an increase of 14.6% on a year-over-year basis.
Overall supply is at record lows. Active residential listings numbered 128 units at the end of August. This was a large decline of 49.4% from the end of August 2019.
Months of inventory numbered 0.8 at the end of August 2020, down from the 2 months recorded at the end of August 2019 but below the long-run average of 4.1 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.
The Chatham-Kent Association of REALTORS® represents 168 REALTORS® registered with its member offices. The geographical area served by the Board is the municipality of Chatham-Kent in the heart of southwestern Ontario.