Prices are up and supply is down when it comes to the local real estate market.
The Chatham-Kent Association of Realtors says there were just 141 properties on the market at the end of July, close to 50% lower than the same period last year, and the lowest monthly number on record.
However, there were 147 homes sold in July, marking a new sales record for the month.
“We continued to see increased market activity in July,” said Michael Gibbons, President of the Chatham-Kent Association of Realtors. “However, strong demand coupled with a continued decline in new listings, is pushing prices up, luxury properties being the exception. This is driving the average price to a new all-time high for the second time in three months.”
The average price of homes sold in July 2020 was a record $322,908, rising 26.2% from July 2019.
The more comprehensive year-to-date average price was $294,916, up 18.8% from the first seven months of 2019.