With a record set in July, home sales in Chatham-Kent show no signs of slowing down.
The Chatham-Kent Association of Realtors reported 170 homes were sold last month, which is a 13.3 per cent increase from July of 2020. The total dollar value of all homes sold in July 2021 was $69.6 million, a jump of 42.7 per cent from the same month in 2020. Both are records for the month of July.
President Laura Tourangeau also said home sales totaled a record 1,069 units over the first seven months of the year, which is a significant increase of 49.9 per cent from the same period last year.
"Home sales are still going strong. Where other markets in the province are moderating and back down to more average levels, we’re seeing new records for sales activity," said Tourangeau. "The good news is that new listings are matching the strength in demand, providing a much-needed influx of supply to a very tight market."
Tourangeau noted overall inventories have stopped falling but remain at "rock bottom" levels. She also said home prices keep growing by double-digits.
"Barring any sudden decline in appetite for homes or a gradual moderation in demand, we expect these trends to persist into the near future," she said.
The average price of a home sold this July was $409,161, up by 25.9 per cent from last July.
There were 218 new residential listings in July of 2021, a substantial gain of 54.6 per cent from July of 2020. The association said this was the largest number of new listings added in the month of July in more than five years.
