The average price of a home in Chatham-Kent has reached an all-time high.
The Chatham-Kent Association of Realtors reported on Tuesday that the average price of a local home in July set a local record by jumping to $322,908. That's an increase of 26 per cent from July of 2019. The association said 147 homes were sold last month, a 7.3 per cent increase (10 sales) from the same period last year and a new sales record for the month of July. A total of 701 homes have been sold across Chatham-Kent since the beginning of the year. That's down 8.8 per cent from the same period in 2019.
“We continued to see increased market activity in July,” President of the Chatham-Kent Association of Realtors (CKAR) Michael Gibbons said. “However, strong demand coupled with a continued decline in new listings, is pushing prices up, luxury properties being the exception. This is driving the average price to a new all-time high for the second time in three months.”
There were only 138 new residential listings last month, a decrease of 19.8 per cent from a year ago. CKAR also reported the overall housing supply in the Chatham area remains at record lows with 141 active residential listings at the end of July, a very large decline of 49.8 per cent from the end of July 2019 and the lowest monthly number on record. The realtors association said it could sell its current housing inventory in just one month. Local realtors had two months of inventory at the same time last year. The average housing inventory for this time of year is 4.5 months.
