|The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 182 units in May 2021. This was more than double the levels from a year earlier, surging 104.5% from May 2020. This was also a new sales record for the month of May and was the highest level for any month in history.
|Home sales were 23% above the five-year average and 29.1% above the 10-year average for the month of May.
|On a year-to-date basis, home sales totaled a record 734 units over the first five months of the year. This was up sharply by 67.2% from the same period in 2020.
|“We assume that with more people adopting Covid safety measures and vaccine inventory becoming more prevalent, this has allowed potential Buyers and Sellers to feel somewhat protected and safe in their home buying and selling process, therefore sales activity is still robust,” said Laura Tourangeau, President of the Chatham-Kent Association of REALTORS®. “We’ve seen a surge in new listings returning to the market, but this has done little to offset the white-hot pace of demand. With inventories still at record lows and market conditions still deep into seller’s territory.”
|The average price of homes sold in May 2021 was $398,827, an increase of 26.4% from May 2020.
|The more comprehensive year-to-date average price was $402,900, a jump of 42.8% from the first five months of 2020.
|The dollar value of all home sales in May 2021 was $72.6 million, more than double the levels from a year earlier, rocketing up 158.4% from the same month in 2020. This was also a new record for the month of May.
|The number of new listings saw an advance of 75% from May 2020. There were 238 new residential listings in May 2021. This was the largest number of new listings added in the month of May in more than five years.
|New listings were 20.4% above the five-year average and 11.1% above the 10-year average for the month of May.
|Active residential listings numbered 147 units on the market at the end of May, down sharply by 17.4% from the end of May 2020. Active listings haven’t been this low in the month of May in more than three decades.
|Active listings were 35.7% below the five-year average and 66.4% below the 10-year average for the month of May.
|Months of inventory numbered 0.8 at the end of May 2021, down from the 2 months recorded at the end of May 2020 and below the long-run average of 3.3 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.