Chatham-Kent home sales set new monthly record in September
Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 136 units in September 2020. This was little changed, up only 0.7% (one sale) from September 2019. This was also a new sales record for the month of September.
On a year-to-date basis, home sales totalled 997 units over the first nine months of the year. This edged down 3.5% from the same period in 2019.
“Chatham-Kent resale home sales set yet another record this past month.” said Michael Gibbons, President of the Chatham-Kent Association of REALTORS®. “New listings continue to slowly return to the market; however, the story for our region is once again the strong demand and the low overall supply.”
The average price of homes sold in September 2020 was $312,302, up 17% from September 2019.
The more comprehensive year-to-date average price was $302,200, rising 20.1% from the first nine months of 2019.
There were 161 new residential listings in September 2020. This was unchanged on a year-over-year basis.
Overall inventory continues to hover slightly above the lowest level on record. Active residential listings numbered 137 units at the end of September. This was a large decline of 45% from the end of September 2019.
Months of inventory numbered 1 at the end of September 2020, down from the 1.8 months recorded at the end of September 2019 but below the long-run average of 4.8 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.