Housing supply and demand imbalance push prices higher in CK
Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® numbered 138 units in October 2019. This was an increase of 12.2% (15 sales) from October 2018 and was the best October sales figure on record.
On a year-to-date basis, home sales totalled 1,173 units over the first 10 months of the year, up 4.7% from the same period in 2018. Activity is currently on track to be the second-best year on record, although 2019 is only trailing 2016 by about 30 transactions so it could still end up being a record year. “Home sales set another new monthly record in October, following right on the heels of September’s record,” said Steve Carroll, President of the Chatham-Kent Association of REALTORS®. “The strength of the market in the last couple of months is surprising only because of how few listings are out there for sale right now. The imbalance between supply and demand continues to push prices higher.”
The average price of homes sold in October 2019 was $247,139, up 9.6% from October 2018. The more comprehensive year-to-date average price was $251,558, rising 18.7% from the first 10 months of 2018.
There were 148 new residential listings in October 2019. This was a decrease of 10.8% on a year-over-year basis.
Overall inventories are at record lows. Active residential listings numbered just 212 units at the end of October, a 14.2% decrease from the end of October 2018. Despite traditionally slow sales in the winter, record low inventory make it a great time to sell your home.
Months of inventory numbered just 1.5 at the end of October 2019, down from the 2 months recorded at the end of October 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.