Chatham-Kent’s housing market enjoyed a hot September, setting a new sales record while prices remained high.
A total of 152 properties sold in Chatham-Kent, according to the Chatham-Kent Association of Realtors (CKAR), a record for the month of September and up more than 10 per cent from a year ago.
In terms of a longer view, sales in September were 17.5 per cent above the five-year average and 31.3 per cent above the 10-year average for the month.
On a year-to-date basis, home sales totaled a record 1,379 units over the first nine months of the year. This was up by 36.1 per cent from the same period in 2020.
“Home sales in the Chatham-Kent region defied the trend seen in most other markets across Ontario and posted a record high for September,” Laura Tourangeau, president of CKAR, said in a media release. “A large part of the uptick in sales has been the higher levels of new inventory hitting the market.”
The average price of homes sold in September 2021 was a record $463,605, up 46.5 per cent from September 2020.
The more comprehensive year-to-date average price is $411,948, up by 35.6 per cent from the first nine months of 2020.
The dollar value of all home sales in September 2021 was $70.5 million, a substantial increase of 61.4 per cent from the same month in 2020. This was also a new record for the month of September.
“Despite a rise in new listings, inventory is still well below average levels and as a result, prices continue to hit new highs,” Torangeau said.
The number of new listings rose by 32.3 per cent from September 2020. There were 213 new residential listings in September 2021. This was the largest number of new listings added in the month of September in more than a decade.
New listings were 28.3 per cent above the five-year average and 20.4 per cent above the 10-year average for the month of September.
Active residential listings numbered 208 units on the market at the end of September, a gain of 55.2 per cent from the end of September 2020.
Active listings were 9.3 per cent below the five-year average and 47.7 per cent below the 10-year average for the month of September.