Chatham-Kent home sales average price hits record

Residential sales activity numbered 113 units in April 2019. This was down 6.6% (eight sales) from April 2018 and stood just two sales off the 10-year average for that month.
According to the Chatham-Kent Association of Realtors, on a year-to-date basis, home sales totalled 352 units over the first four months of the year, down 1.7% (six sales) from the same period in 2018.
“Sales activity was still running near average levels in April,” said Steve Carroll, President of the Chatham-Kent Association of Realtors. “That said, with the pool of available homes for sale still very low, monthly sales figures in recent months appear to be mostly influenced by how many new listings become available. The competition among buyers for limited listings is evident in the behaviour of prices, which continue to post large gains.”
The average price of homes sold in April 2019 was a record $259,683, jumping
18.7% from April 2018. The more comprehensive year-to-date average price was $245,186, surging 26.6% from the first four months of 2018.
There were 186 new residential listings in April 2019. This was an increase of 13.4% on a year-over-year basis but was still a below-average result for the month.

Active residential listings numbered 240 units at the end of April, an increase of 11.6% from the end of April 2018. That said, the long-term average for this time of the year is more that 600 listings.
According to the Chatham-Kent Association of Realtors, months of inventory numbered just 2.1 at the end of April 2019, up a bit from the 1.8 months recorded at the end of April 2018 but well below the long-run average of
5.9 months for this time of 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.

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