Residential sales activity recorded through the MLS system of the Chatham-Kent Association of Realtors came in just below levels from a year earlier in April 2014. Home sales numbered 125 units in April 2014, down three per cent (four sales) on a year-over-year basis.
“While still down slightly compared to a year ago, home sales in the region have now improved for three straight months after having hit a low last December,” said Ron Smith, President of the Chatham-Kent Association of Realtors. “In fact, activity in April was back running ahead of the five-year average for the month and a little ahead of the longer 10-year average as well.”
The average price of homes sold in April 2014 was $155,056, edging down just six tenths of one per cent from April 2013. New listings numbered 255 units in April, just one unit less than in April last year. As with sales activity, new listings started the year slowly but have since been on the rise. There were 664 active residential listings on the Association’s MLS System at the end of April 2014. This was a seven per cent decrease from the same time last year. Supply has been generally trending down over the past few years but has started to trend higher in recent months. There were 5.3 months of inventory at the end of April 2014, down slightly from 5.5 months a year earlier and below the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
