Local real estate agents saw a very busy May, selling 172 units, setting a record in the process.
It was the highest sales figure ever recorded, and was up 5.5 per cent from May of last year.
On year-to-date basis, home sales totalled 591 units over the first five months of the year, rising five per cent from the same period in 2016.
“The local housing market remains very strong, with more homes bought and sold in May 2017 than in any other month in history,” Kristi Willder, president of the Chatham-Kent Association of Realtors, said in a release.
But the hot sales aren’t without some issues for realtors and potential home buyers.
“At the same time active listings are at record lows. As a result, the average home price in the region topped the $200,000 mark for the first time in May,” Willder added.
The average price of homes sold in May 2017 was $208,435, up 20.6 per cent from May 2016. The year-to-date average price was $188,773, rising 16.7 per cent from the first five months of last year.
New listings numbered 235 units in May, down 16.9 per cent from the same month in 2016. This was well below historical averages for this time of year. There were just 329 active residential listings on the Association’s MLS® System at the end of May 2017. This was a record-low for this time of year, down 37.7 per cent from May 2016.
