The number of homes for sale in Chatham-Kent are slowly on the rise, but inventory levels remain below average.
Despite the lack of homes on the market, the Chatham-Kent Association of Realtors said it enjoyed a solid June, with 129 units changing hands, up slightly from the same month in 2018.
The June 2019 sales figure sits between the five- and 10-year averages for that month.
On a year-to-date basis, home sales totalled 634 units over the first six months of the year, up 1.1 per cent from the same period in 2018.
“Home sales were solid in June, which is better than it sounds given how few homes are out there for sale right and the price levels compared to just one year ago,” said Steve Carroll, president of the Chatham-Kent Association of Realtors in a media release. “The intense competition among buyers for limited listings this year continues to show up in the behaviour of prices, which are on track for a huge gain in 2019.”
The average price of homes sold in June 2019 was $242,968, up 24 per cent from June 2018. The more comprehensive year-to-date average price was $246,948, up a similar 24.2 per cent from the first six months of 2018.
There were 168 new residential listings in June 2019, an increase of 15.1 per cent on a year-over-year basis but still below the same month in most other years.
Active residential listings numbered just 279 units at the end of June. While this was up 36.1 per cent from June 2018’s extreme low, it was still below the same time in all other years on record.