Home sales hot! Inventory lowest since 1994…
Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 146 units in June 2016, edging down two per cent (three sales) on a year-over-year basis. Sales numbered 709 over the first half of the year, up 16.6 per cent on a year-over-year basis. “While sales were down slightly for the month of June, the big picture is it was still one of the best June’s on record for home sales in the region,” said Barb Phillips, President of the Chatham-Kent Association of REALTORS®. “With half the year now in the rear-view mirror activity is actually in the running to set a new annual record in 2016.”
The average price of homes sold in June 2016 was $162,291, down 3.9 per cent from June 2015. The less volatile year-to-date average sale price was $161,837, up 1.2 per cent from the same period in 2015. “This still makes Chatham-Kent one of the most affordable communities in Ontario, and people are starting to take notice!”
New listings numbered 246 units in June, an increase of six per cent from the same month last year. There were 547 active residential listings on the Association’s MLS® System at the end of June 2016. This was down 13.4 per cent from June 2015, and marks the lowest level of active supply at this time of year since 1994. There were 3.7 months of inventory at the end of June 2016, down from 4.2 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.