File photo
Residential real estate sales in October didn’t match the same period in 2019, but there are still signs of a hot market in Chatham-Kent.
The Chatham-Kent Association of Realtors reported the 129 units sold last month through its MLS system were nine fewer than in October 2019.
On a year-to-date basis, the 1,126 units sold by the end of October was down nearly 3.8 per cent from the same period last year, according to association statistics.
But Chatham-Kent remains a strong seller’s market, with the average price of homes sold in October soaring to a record $329,495, up 33.3 per cent from October 2019.
The more comprehensive year-to-date average price was $305,327, rising 21.6 per cent from the first 10 months of 2019.
There were 156 new residential listings in October 2020, an increase of 10 listings on a year-over-year basis.
“MLS home sales in Chatham-Kent came closer to historically average levels in October,” said association president Michael Gibbons.
“New listings outpaced sales this past month, helping to stabilize the declining number of active listings. However, current overall inventory is still hovering only slightly above the lowest levels in history. Meanwhile, average price continued its trek higher, setting a new record for the third time in four months.”
Gibbons said he was hoping the decline in new listings would bottom out because “frankly, there was nowhere to go but up at this point.”
Active residential listings numbered 138 units at the end of October. This was a large decline of 35.2 per cent from the end of October 2019.
Months of inventory numbered 1.1 at the end of October, down from the 1.5 months recorded at the end of October 2019, but below the long-run average of 4.5 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.
As home buyers continue to show strong interest in the local real estate market, Gibbons said, “Any housing we have available, locally, is a positive, regardless of the price range.”
Traditionally, real estate activity slows during the colder weather, but Gibbons doesn’t see it having a significant impact, even as the pandemic continues.
“COVID basically put a three or four-month pause on everything so we’re still just kind of playing catch-up,” he said.
“I don’t think the weather or the holidays this year is really going to affect the market that much,” Gibbons added.
