Cooler month for home sales

Mar 12 • Business, Feature StoryNo Comments on Cooler month for home sales

Home sales in Chatham-Kent numbered 67 units in February, down nearly 11 per cent from the same time a year ago.

On a year-to-date basis, home sales totalled 139 units over the first two months of the year, an increase of 13.9 per cent from the same period in 2018.

“Sales activity cooled in February following an extremely strong end to 2018 and a decent January,” said Steve Carroll, President of the Chatham-Kent Association of Realtors, in a media release. “That said, it’s hard to say how much of these fluctuations in sales are a demand story and to what extent they’re a supply story, because the number of listings out there for buyers to choose from remains historically very low. If the story is more about a demand supply imbalance, then you would expect that to spill over onto the price side of things, and that is exactly what is going on right now.”

The average price of homes sold in February 2019 was a record $250,216, jumping 41.4 per cent from February 2018.

The more comprehensive year-to-date average price was $233,848, a 32.4-per-cent increase from the first two months of 2018.

There were just 102 new residential listings in February 2019, down 4.7 per cent (five listings) on a year-over-year basis. Active residential listings numbered 178 units at the end of February. This was a decrease of 14.4 per cent from the end of February 2018 and marked the lowest level ever recorded at this time of the year.

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