The records continue to fall in property transactions in Chatham-Kent.
Last month proved to be the strongest October on record with the Chatham-Kent Association of Realtors (CKAR) as 175 homes changed hands.
That’s up nearly 36 per cent from October 2020.
Home sales were 27 per cent above the five-year average and 45.2 per cent above the 10-year average for the month of October.
So far in 2020, 1,553 units sold, up another 36 per cent from last year.
“The blistering pace of sales activity continued unabated in October, with home sales reaching not only the highest October on record but also the second highest level of any month in history,” Laura Tourangeau, CKAR president said in a media release.
The number of new listings rose by 13.5 per cent from October 2020. There were 176 new residential listings in October 2021. This was the largest number of new listings added in the month of October in more than five years.
Tourangeau said while new listings are up nicely, they can’t keep up with sales interest. And simple supply-and-demand economics deliver high prices.
“New listings are not matching the level of demand out there among prospective homebuyers, so overall inventories remain near record lows,” she said. “This extreme lack of supply is enabling year-over-year price gains to remain in the strong double digits.”
The average price of homes sold in October 2021 was $443,538, up nearly 36 per cent from October 2020.
The more comprehensive year-to-date average price was $415,538, up sharply by 35.6 per cent from the first 10 months of 2020.
New listings were 8.6 per cent above the five-year average and 3.3 per cent above the 10-year average for the month of October.
The dollar value of all home sales in October 2021 was $77.6 million, an increase of 84 per cent from the same month in 2020. This was a new record for the month of October and was also the largest dollar value of homes sold for any month in history.