Residential sales activity through the Chatham-Kent Association of Realtors for March rebounded after a quiet February.
In all, 100 units changed hands locally last month. This was a decrease of 13 per cent (15 sales) from a very strong March in 2018. In February of this year, 67 homes changed hands.
On a year-to-date basis, home sales totalled 239 units over the first three months of the year, up a slight 0.8 per cent (two sales) from the same period in 2018.
“Sales activity bounced back to average levels in March following a brief dip in February,” said Steve Carroll, President of the Chatham-Kent Association of Realtors, in a media release. “It looks like these fluctuations in sales are more a supply story than a demand story. Given how few homes are out there for sale, monthly sales figures seem to be very much influenced when new listings become available. The competition among buyers for limited listings is evident in the behaviour of prices, which have been posting huge gains of late.”
The comprehensive year-to-date average price was $238,332, up nearly 32 per cent from the first three months of 2018.
There were 150 new residential listings in March 2019, an increase of 18.1 per cent on a year-over-year basis.
Active residential listings numbered just 199 units at the end of March, up 2.6 per cent (five listings) from the end of March 2018. The long-term average for inventories at this time of the year is more than 550.