A hot October in home sales in Chatham-Kent led to a new sales record and higher real estate prices.
According to the Chatham-Kent Association of Realtors, 130 homes in the municipality changed hands last month, setting a record for October sales. That’s up 15 per cent from last year as well.
As of the end of October, home sales this year totalled 1,244 units, down 1.7 per cent from last year. It marks the third highest sales figure on record for the first 10 months of a year, trailing only 2016 and 2007.
“Home sales bounced back following a very brief slowdown in July and they continue to move higher, with October hitting a record for that month,” said Kristi Willder, President of the Chatham-Kent Association of Realtors, in a release. “With the market still as tight as ever, prices continue to push higher.”
The average price of homes sold in October 2017 was $185,477, up 10.9 per cent from October 2016. The less volatile year-to-date average price was $185,154, rising 14.1 per cent from the first ten months of last year.
Inventory appears to be gaining ground, as new listings numbered 182 units in October, up 16.7 per cent from the same month in 2016. This was in line with the long-run average for this time of the year.
Still, there were just 320 active residential listings on the Association’s MLS System at the end of October. This was the lowest level for this time of year in more than 25 years, down 21.8 per cent from October 2016.