Demand far outstrips housing supply in C-K

Nov 12 • Business, Feature StoryNo Comments on Demand far outstrips housing supply in C-K

Home sales in Chatham-Kent remain hot, but the number of homes to sell seems to continue to dry up.

The Chatham-Kent Association of Realtors (CKAR) report 138 units sold in October, setting an all-time record for the month.

The sales topped October of 2018 by 15 homes.

On a year-to-date basis, home sales totaled 1,173 units over the first 10 months of the year, up 4.7 per cent from the same period in 2018. Activity is currently on track to be the second-best year on record, although 2019 is only trailing 2016 by about 30 transactions so it could still end up being a record year.

“Home sales set another new monthly record in October, following right on the heels of September’s record,” said Steve Carroll, president of the CKAR, in a media release. “The strength of the market in the last couple of months is surprising only because of how few listings are out there for sale right now. The imbalance between supply and demand continues to push prices higher.”

There were 148 new residential listings in October 2019. This was a decrease of 10.8 per cent on a year-over-year basis.

The average price of homes sold in October 2019 was $247,139, up 9.6 per cent from October 2018.

The more comprehensive year-to-date average price was $251,558, rising 18.7 per cent from the first 10 months of 2018.

Overall inventories are at record lows. Active residential listings numbered just 212 units at the end of October, a 14.2-per-cent decrease from the end of October 2018.

Despite traditionally slow sales in the winter, record low inventory makes it a great time to sell your home, CKAR officials said.

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