Chatham-Kent could soon see a drop in home sales if inventory levels don't improve.
That from the Chatham-Kent Association of Realtors (CKAR), who say active home listings dipped below 500 last month, for the first time in 20 years.
Despite the lack of available homes, prices have remained fairly unaffected. The average price of a Chatham-Kent home in July was $155,139, up 1.6% from this time last year.
But CKAR President Barb Phillips says that could change if residents don't start putting up more houses for sale.
"If we have no supply that's going to drive our prices up even more. Hopefully clients do reconsider moving, since interest rates are at their all-time low as well," says Phillips.
For now, home sales are still on the rise in Chatham-Kent. There were 166 sales in July 2016, up 16.9% from a year ago. Similarly, the 875 sales made through the first seven months of 2016 is good for an increase of 16.7% on a year-over-year basis.
http://blackburnnews.com/windsor/windsor-news/2016/08/09/housing-sales-starts-remain-strong-july/
