After a hot 2015 in local real estate sales, this year started a bit slow, according to the Chatham-Kent Association of Realtors.
January sales were down about five per cent from last year, association president Barb Phillips said.
“Residential sales in January 2016 were fairly average for the month coming in just a handful of sales below the five and 10-year January stats,” she said. “Inventories are nevertheless are running at some of the lowest levels since the late 1990s, so there is the potential for further upward price pressure this year. With interest rates at an all time low, now is the time to beat the spring rush if you are thinking of buying or selling.”
The average price of homes sold in January 2016 was $153,204, up 1.2 per cent from January 2015. New listings numbered 169 units in January, a decrease of 5.3 per cent from the same month last year. There were 482 active residential listings on the Association’s MLS system at the end of January. This was down six per cent from January 2015.