Chatham-Kent’s Affordable Real Estate Market Continues with Strong July Results

The real estate market in Chatham-Kent is heating up!

Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 142 units in July 2015, rising 18.3 per cent on a year-over-year basis. On a year-to-date basis home sales numbered 750 units, running 9.2 per cent ahead of the first seven months of 2014. This was the highest level since 2008. “The local housing market remained historically strong in July, posting the third best sales figure on record for the month, and also marking the third straight month of above average activity in the region,” said Jamie Winkler, President of the Chatham-Kent Association of REALTORS®. “While it’s still not an allout sellers’ market, the balance of demand and supply has tightened, and price growth is running ahead of inflation for the fourth consecutive year as a result.”

The average price of homes sold in July 2015 was $152,735, up 2.3 per cent from July 2014. The year-to-date average sale price was $158,538, an increase of 3.1 per cent from 2014. New listings numbered 246 units in July, unchanged from the same month last year.

There were 660 active residential listings on the Association’s MLS® System at the end of July 2015. This was down 15.8 per cent from July 2014. There were 4.6 months of inventory at the end of July 2015, down from 6.5 months a year earlier and 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.