New July home sales record set

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The home sales heat wave continued in Chatham-Kent in July.

The Chatham-Kent Association of Realtors (CKAR) reports 170 units changed hands last month, up more than 13 per cent from the same month a year ago. It marked a new July sales record.

On top of that, sales were nearly 25-per-cent hotter than the five-year average, and nearly a third better than the 10-year average.

So far this year, 1,069 homes have sold over the first seven months. That’s up nearly 50 per cent from the same period in 2020.

CKAR president Laura Tourangeau said Chatham-Kent is bucking a provincial trend.

“Home sales are still going strong. Where other markets in the province are moderating and back down to more average levels, we’re seeing new records for sales activity,” she said in a media release.

The average price of homes sold in July 2021 was $409,161, up by 25.9 per cent from July 2020.

The more comprehensive year-to-date average price was $401,886, a substantial increase of 35.5 per cent from the first seven months of 2020.

The dollar value of all home sales in July 2021 was $69.6 million, a jump of 42.7 per cent from the same month in 2020. This was also a new record for the month of July.

Tourangeau said the number of homes for sale continues to rebound.

“The good news is that new listings are matching the strength in demand, providing a much-needed influx of supply to a very tight market,” she said. “Overall, inventories have stopped falling, but remain at rock-bottom levels, and price growth is firmly anchored in double-digit territory. Barring any sudden decline in appetite for homes or a gradual moderation in demand, we expect these trends to persist into the near future.”

The number of new listings saw a substantial gain of 54.6 per cent from July 2020. There were 218 new residential listings in July 2021. This was the largest number of new listings added in the month of July in more than five years.

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