A record number of homes were again sold in Chatham-Kent in June. According to the Chatham-Kent Association of Realtors, 192 units were sold in June, a 42.2 percent increase compared to June 2020. That total set a new record for the month of June and was also the highest for any month in history.
On the flip side of the equation, the average selling price of local homes continued to rise. In June, the average price was $413,862, an increase of 26.4 percent from last year.
Home sales in June were 31 percent above the five-year average and 43.1 percent above the 10-year average for the month.
The year-to-date average price is $405,533, rising 38.5 percent from the first six months of 2020.
Home sales also totalled 922 units for the first six months of 2021, an increase of 60.6 percent from the same period in 2020.
“While many other markets in Ontario are experiencing a cooldown from the breakneck pace of activity earlier this year, sales activity in the Chatham-Kent region shows no signs of slowing down,” Chatham-Kent Association of Realtors president Laura Tourangeau said in a statement.
The dollar value for all homes sold in June totalled $79.5 million, a 79.9 percent difference for the same month last year. According to the Chatham-Kent Association of Realtors, this is the largest dollar value for homes sold for any month in history.
“Market conditions remain historically tight, and the number of listings available for sale is still trending at record lows, which is going to keep upward pressure on prices until we see any meaningful reversal of these trends,” Tourangeau said.
The number of new listings grew by 28.5 percent, with 234 new residential listings in June 2021. However, the number of active listings in June was the lowest it’s been in three decades.
There were 159 active residential listings on the market at the end of June, a 19.3 percent decrease from the end of June in 2020.
Months of inventory numbered 0.8 at the end of June, down from the 1.5 months recorded at the end of June 2020 and below the long-run average of 3.7 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.
Bird Bouchard, Local Journalism Initiative Reporter, The Ridgetown Independent News