Home sales, inventory, prices on the rise in C-K

Mar 10 • Business, Feature StoryNo Comments on Home sales, inventory, prices on the rise in C-K

Homes sales were hotter than the weather in Chatham-Kent in February.

According to the Chatham-Kent Association of Realtors (CKAR), 87 properties changed hands last month, up nearly 30 per cent from February 2019.

On a year-to-date basis, home sales totalled a record 179 units over the first two months of the year, up a similar about 29 per cent from the same period in 2019.

“Buyers were able to take advantage of more new listings in February,” said Michael Gibbons, president of CKAR, said in a media release. “That said, it will take more than a month or two of higher new supply to satisfy the demand for housing in the region. Until demand and supply come back into better balance, excess demand will continue to spill over onto the price side.”

The average price of homes sold in February was a record $284,783, up almost 14 per cent from February 2019.

The more comprehensive year-to-date average price was $264,923, up 13.3 per cent from the first two months of 2019

There were 139 new residential listings in February 2020. This was an increase of nearly 38 per cent on a year-over-year basis.

Despite those new listings, overall supply is still trending at record lows. Active residential listings numbered only 171 units at the end of February, down 3.4 per cent (six listings) from the end of February 2019.

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