Chatham-Kent home sales surge in September despite low supply

Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 136 units in September 2019. This was a 29.5% jump from September 2018 and marked the highest September sales figure ever recorded. On a year-to-date basis, home sales totalled 1,035 units over the first nine months of the year, up 3.8% from the same period in 2018.

“Home sales surged ahead in September to set a new record for the month, which is an impressive feat given how few properties are currently out there for sale,” said Steve Carroll, President of the Chatham-Kent Association of REALTORS®. “The competition between buyers for that limited pool of listings continues to push average prices to new records. With just three months left to go in 2019, the average sale price in the region remains on track for an annual gain of about 20%.”

The average price of homes sold in September 2019 was a record $268,014, jumping 19.2% from September 2018. The more comprehensive year-to-date average price was $252,147, rising a similar 19.9% from the first nine months of 2018. There were 163 new residential listings in September 2019. This was an increase of 14.8% on a year-over-year basis.

Despite the increase in new supply, overall listings remain stuck at their lowest level on record for this time of the year. Active residential listings numbered just 247 units at the end of September, down 1.2% (three listings) from the end of September 2018.

Months of inventory numbered just 1.8 at the end of September 2019, down from the 2.4 months recorded at the end of September 2018 and also a record low 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.