Real estate market stays hot

·1 min read

Chatham-Kent’s housing prices for Oct. 2020 are up a whopping 33% over 2019, and with low inventory it remains a sellers market.

The average price for a single family residence last month was $329,495 compared to last year’s figure of $247,139, according to statistics released by the Chatham-Kent Association of Realtors.

It's the third time in four months a record has been set.

Units sold in October numbered 129, a 6.5% drop from last year.

New listings outpaced sales.

“Everybody is very busy,” association president Michael Gibbons, says of local agents.

Anecdotally, he’s hearing it’s the same picture across Southwestern Ontario.

Gibbons adds that inventory is “very low.

“It’s a cause and effect,” he says, adding people who sell may not be able to buy something else less expensive.

New listings outpaced sales this past month, Gibbons explains, helping to stabilize the declining number of active listings. However, current inventory is still hovering slightly above the lowest levels in history.

The more comprehensive year-to-date average price was $305,327, a 21.6 rise from the first 10 months of 2019.

About 25% of the total home sales, or 2.5 out of 10, are made by purchasers from outside Chatham-Kent.

As far as the sale of agricultural land goes, Gibbons sales farms sales are harder to track as many properties don’t make it to a real estate listing.

“Many are listed in a newspaper or are sold by private tender,” Gibbons says.

Pam Wright, Local Journalism Initiative Reporter, The Herald