The average price of homes sold in February 2016 was $153,998, up 5.5 per cent from February 2015. New listings numbered 154 units in February, an increase of 30.5 per cent from the same month last year. Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 86 units in February 2016, up 10.3 per cent on a year-over-year basis.
“With supply now having fallen to the lowest level since the late 1990s, it’s likely we’ll see some further price growth this year,” said Barb Phillips, President of the Chatham-Kent Association of REALTORS®. “Many REALTORS® are reporting multiple offers throughout CK, so if you are waiting for spring to list your house, you might want to list now!”
There were 485 active residential listings on the Association’s MLS® System at the end of February 2016. This was down 0.6 per cent from February 2015.
There were 5.6 months of inventory at the end of February 2016, down from 6.3 months a year earlier and well below the long-run average for this time of the 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.