C-K home sales tumble, prices still rise

May 13 • Business, COVID-19, Feature StoryNo Comments on C-K home sales tumble, prices still rise

 

Chatham-Kent’s once red-hot real estate market received a COVID-19 cool down in April, as home sales were down more than 40 per cent from the same time a year ago.

According to the Chatham-Kent Association of Realtors (CKAR), 65 units changed hands in April, the lowest sales numbers for the month of April for the past three decades.

The sales were down 42.5 per cent from 2019.

On a year-to-date basis, home sales totalled 340 units over the first four months of the year. This edged down 3.1 per cent (11 sales) from the same period in 2019.

“As anticipated, home sales and listings were down significantly in April as measures to tackle the public health crisis put a pause on a lot of market activity,” said Michael Gibbons, president of CKAR, in a media release. “Still, the average price of the homes that did sell hit another record amid the lowest inventories ever in the region.”

The average price of homes sold in April 2020 was a record $288,797, rising 11.2 per cent from April 2019.

The more year-to-date average price was $269,638, up 10.5 per cent from the first four months of 2019

There were 83 new residential listings in April 2020, dropping nearly 55 per cent on a year-over-year basis. Overall supply is currently trending at record lows. Active residential listings numbered only 146 units at the end of April, down 38.9 per cent from the end of April 2019.

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