Chatham-Kent home sales continue to break records

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A record number of homes in Chatham-Kent were sold in July as the average selling price continued to rise.

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The Chatham-Kent Real Estate Association reported 170 homes sold last month through its multiple listing service. This is the highest on record in July and an increase of 13.3% from July 2020.

Home sales were 24.5% above the five-year average and 32.7% above the 10-year average in July.

A record 1,069 homes were sold in the first seven months of 2021, an increase of 49.9% over the same period in 2020.

“Home sales are still going strong. Where other markets in the province slow down and fall back to more average levels, we are setting new sales activity records, ”Chatham-Kent Real Estate Association president Laura Tourangeau said in a statement. “The good news is that the new listings match the strength of demand, providing a much needed influx of supply in a very tight market. “

The average July selling price was $ 409,161, up 25.9% from July 2020.

The year-to-date average price was $ 401,886, a 35.5% increase from the first seven months of 2020.

Home sales in July totaled $ 69.6 million, up 42.7% from July 2020, while setting a new record for the month.

The number of new listings increased 54.6% from July 2020. The 218 new residential listings in July were the most added for the month in more than five years.

“Overall, stocks have stopped dropping but remain at the lowest levels, and price growth is firmly anchored in double-digit territory,” Tourangeau said. “Unless there is a sudden drop in appetite for homes or a gradual moderation in demand, we expect these trends to persist for the foreseeable future.”

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New registrations were 20% above the five-year average and 10.1% above the 10-year average for July.

There were 147 active residential listings at the end of July, nine more than at the end of July 2020 for a gain of 6.5%.

Active registrations in July were 35.2% below the five-year average and 66% below the 10-year average.

Inventory months were 0.9 at the end of July, the same as at the end of July 2020 and below the long-term average of 3.7 months for this time of year. Inventory months are the number of months it would take to sell current inventory at the current rate of selling activity.

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