The real estate market in Chatham-Kent continues to be red hot, soaring into the summer by setting multiple monthly records.
According to the Chatham-Kent Association of Realtors, 182 units were sold in May, a 104 per cent increase compared to May 2020. That total also marks a new sale record for the month of May in Chatham-Kent and the highest level on record for any month in the area.
At the same time, the average local home price continues to climb. In May 2021, the average price of homes sold was $398,827, an increase of 26.4 per cent from May 2020. The year-to-date average price was $402,900, a jump of 42.8 per cent from the first five months of 2020.
Overall, the dollar value of all home sales in May 2021 was $72.6 million -- that's more than double the levels from a year earlier, surging up 158.4 per cent from the same month in 2020. According to the Chatham-Kent Association of Realtors, that figure also set a new record for the month of May.
A total of 238 homes hit the market last month in Chatham-Kent, up 75 per cent from May of 2020 and a new record for the month of May for new listings.
However, with homes selling so quickly, active listings saw a sharp decline. By the end of May, there were only 147 units on the market in Chatham-Kent, a decrease of over 17 per cent compared to last May and the lowest amount of active listings that Chatham-Kent has seen in more than three decades.
"We assume that with more people adopting COVID-19 safety measures and vaccine inventory becoming more prevalent, this has allowed potential buyers and sellers to feel somewhat protected and safe in their home buying and selling process, therefore sales activity is still robust,” said Laura Tourangeau, President of the Chatham-Kent Association of Realtors. "We’ve seen a surge in new listings returning to the market, but this has done little to offset the white-hot pace of demand. With inventories still at record lows and market conditions still deep into seller’s territory."
