Property prices soar, listings low

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The weather may be cold, but recent home sales in Chatham-Kent remained hot, setting a new record for the month of January.

A total of 105 units sold in January, up more than 14 per cent from January 2020.

“Home sales have started off on a very strong foot in 2021,” Laura Tourangeau, president of the Chatham-Kent Association of Realtors, said in a media release. “Demand for properties bounced back very quickly in the second half of 2020 and that strength has continued into 2021.”

The average price of homes sold in January 2021 was a record $350,452, up 42.4 per cent from January 2020.

The dollar value of all home sales in January 2021 was $36.8 million, a gain of 62.5 per cent from the same month in 2020. This was also a new record for the month of January.

There were 91 new residential listings in January. This was a decrease of more than 13 per cent (14 listings) from the end of January 2020.

Active residential listings numbered 59 units at the end of January, down more than 60 per cent from the end of January 2020. Active listings haven’t been this low in the month of January in more than three decades.

“New listings have struggled to keep up with demand, and we will need to see how many come onto the market in the spring. With levels of supply at all-time lows buyers have needed to compete to get the properties they want, and that has resulted in significant price gains,” Tourangeau said.

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