November was a record-breaking month for home sales in Chatham-Kent and the number of listings has hit a 20-year high.
The Chatham-Kent Association of Realtors said 154 homes were sold in the municipality last month, which was an increase of 14.9 per cent compared to November 2020. Home sales were also 27.7 per cent above the five-year average and 50.5 per cent above the 10-year average for the month of November.
“One important difference between our market and many others in southern Ontario is that we’ve seen a much-needed return of new listings, which has helped to satiate the unrelenting levels of demand out there among home buyers,” said Laura Tourangeau, president of the Chatham-Kent Association of Realtors, in a news release. “Make no mistake though, listings are currently just keeping pace with demand and overall supply levels are still trending at historical lows.”
Chatham-Kent also saw 170 new residential listings last month, which is an increase of 28.8 per cent from the year before. The realtors association said this is also the largest number of new November listings the municipality has seen in two decades.
However, the number of listings didn’t seem to reduce the purchase price of local homes. The average price of homes solid in November increased 34.9 per cent from November 2020, to $448,595.
