Chatham-Kent home sales set new July record, average price at an all-time high
Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 147 units in July 2020. This was up 7.3% (10 sales) from July 2019. This was also a new sales record for the month of July.
On a year-to-date basis, home sales totalled 701 units over the first seven months of the year. This was down 8.8% from the same period in 2019.
“We continued to see increased market activity in July,” said Michael Gibbons, President of the Chatham-Kent Association of REALTORS®. “However, strong demand coupled with a continued decline in new listings, is pushing prices up, luxury properties being the exception. This is driving the average price to a new all-time high for the second time in three months.”
The average price of homes sold in July 2020 was a record $322,908, rising 26.2% from July 2019.
The more comprehensive year-to-date average price was $294,916, up 18.8% from the first seven months of 2019
There were 138 new residential listings in July 2020. This was a decrease of 19.8% on a year-over-year basis.
Overall supply is at record lows. Active residential listings numbered 141 units at the end of July. This was a large decline of 49.8% from the end of July 2019and was the lowest monthly number on record.
Months of inventory numbered 1 at the end of July 2020, down from the 2.1 months recorded at the end of July 2019 but below the long-run average of 4.5 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 165 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.