Home prices continue to rise in C-K

Feb 27 • Business, Feature StoryNo Comments on Home prices continue to rise in C-K

January was a hot month at least for real estate sales in Chatham-Kent, as sales rose more than 55 per cent from January 2018.

According to the Chatham-Kent Association of Realtors, 73 units changed hands in January.

“Home sales came flying out of the gate to begin 2019, with January sales actually building even further on December’s big gain,” said Steve Carroll, president of the Chatham-Kent Association of Realtors, in a media release. “It was the second-best January sales figure on record, behind the year 2007; however, unlike in December there was no accompanying jump in new listings in January. With more of that activity coming out of existing inventory, overall supply and the number of months of inventory are testing fresh all-time lows, which means it could be another big year for home prices in the region.”

The average price of homes sold in January 2019 was $216,704, jumping 23.1 per cent from January 2018.

There were 96 new residential listings in January 2019. While this was an increase of 10.3 per cent (nine listings) on a year-over-year basis, it was still one of the lowest levels on record for the month.

Active residential listings numbered just 182 units at the end of January – a record low for this time of the year. It was down nine per cent from the end of January 2018.

Months of inventory numbered just 2.5 at the end of January 2019, down from the 4.3 months recorded at the end of January 2018 and 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.

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