Chatham-Kent had a booming year for home sales in 2019 and according to real estate officials, that trend is likely to continue in 2020.
Steve Carroll, president of the Chatham-Kent Association of Realtors, said that 2019 was an incredible year for home sale activity in the municipality as the number of units sold steadily increased. In September alone, home sales jumped 29.5 per cent, the highest figures that had ever been ever recorded for the month.
"It was almost like Chatham was just discovered," he said. "We have very good pricing, we still have very good pricing compared to most of the rest of the areas in Ontario. But we were considerably below some of the higher-priced areas so that made our area much for attractive just from the standpoint of pricing alone."
Home prices in Chatham-Kent rose steadily throughout 2019 combined with a declining supply of homes on the market. In November, the year-to-date average home price was $250,650, rising 17.1 per cent from the first 11 months of 2018.
Carroll said it can be hard to predict, but as of right now there is nothing to indicate that price levels will drop any time soon.
"Homes tend to get attention very quickly and in some cases, multiple offers, which is one of the other things that tend to force prices up," he said.
The past year brought a lot of focus on bringing more affordable housing options to the area, especially during council discussions. Carroll said more houses available in lower price ranges is definitely something he wants to see come to fruition.
"There's no question that we need more affordable housing," he said. "There's a lot of people that want to relocate to Chatham, whether they're downsizing or upsizing or first-time buyers who have always lived in Chatham. Our price levels that they're looking at for starter homes are rather stiff."
At one point, Carroll said that one in three buyers were from outside the Chatham-Kent area. He said that number has dipped slightly but he expects the trend to continue in the new year.
"Even though our prices have increased we still are considerable below price levels in surrounding areas...So we don't see any reason why that would change unless something in the overall economy changed dramatically," he explained.
If current trends continue, Carroll said the best piece of advice he can give to anyone looking to make a sale in 2020 is to make sure they have a plan in place.
"The one thing we've said to potential sellers is know what your plan is," he said. "There's not a lot on the market. You may do very well in selling your home and obtaining a price that you maybe thought you wouldn't be able to achieve. But you want to know where you're going to go because there's not a lot of selection out there right now."
Overall, Carroll said he's expecting a great 2020.
"We're looking forward to a good year in 2020. Nothing would indicate that it's not going to be," he said. "The law of supply and demand is pretty much going to dictate the activity."
