For the first time ever, the average price of a home in Chatham-Kent has passed the $500,000 threshold.
According to the Chatham-Kent Association of Realtors, competition among potential buyers pushed the average home price to a record $531,544 in February 2022. Compared to February of 2021, that works out to a substantial increase of 37.2 per cent.
A total of 124 homes sold last month, which was an increase of 17 per cent compared to the previous year. However, the number of new listings declined 5.6 per cent, with 134 new residential listings in February 2022.
“Sales activity reached the best February in history, continuing the strong momentum we saw at the end of 2021 and during the first month of 2022,” said Amber Pinsonneault, president of the realtors association, in a news release.
Active listings in Chatham-Kent were at their lowest level in three decades at the end of last month, with only 67 homes on the market.
“Stronger demand has been eating into overall inventories, which are once again on their way back down towards record lows,” said Pinsonneault.
A record-breaking 226 homes have been sold in Chatham-Kent in the first two months of this year.