Housing prices rise, inventory continues to fall

May 15 • Business, Feature StoryNo Comments on Housing prices rise, inventory continues to fall

Sales remain brisk in the local housing market and the average price for a home is up, but realtors are crying out for more homes to sell.

According to the Chatham-Kent Association of Realtors, 127 units changed hands in April, down just five sales from last year.

The average price of homes sold last month reached $194,276, up 7.5 per cent from the same time last year.

So far in 2018, 374 homes changed hands. That’s down nearly 11 per cent from the near-record period of a year ago, but remained above average.

“Home sales were solid in April, not quite as strong as in March but still above the 10-year average for this time of the year,” said Steve Carroll, President of the Chatham-Kent Association of Realtors, in a release. “With supply as low as it is, it was likely we would see prices begin to re-accelerate. That was certainly the case in April, with the average price jumping to set a new all-time record.”

There were 179 new residential listings in April, down 8.7 per cent on a year-over-year basis and was the lowest level for the month since 1993.

Active residential listings numbered 223 units at the end of April. This was down 25.7 per cent from the end of April 2017 and marked the lowest level on record by a large margin.



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