The Chatham-Kent Association of Realtors says home sales were solid last month after a very tough start to the year.
The association says 121 homes were sold in March, which is up 6.1% or seven sales from March 2017.
A total of 247 homes have been sold in the first three months of the year, which is a decrease of 13.9% from the same period last year.
“More homes traded hands in March 2018 than during any other month of March in the last 12 years, marking a huge turnaround from just two months ago when activity plunged briefly to a four-year low,” said Steve Carroll, president of the Chatham-Kent Association of Realtors. “With demand springing back to life, inventories were pulled down to a fresh all-time low. As such, prices could begin to re-accelerate, although it may be tough for the average price to match some of the extreme values recorded last spring and summer.”
The association says the average price of a home is $184,321, which is up just 0.4% from the first three months of 2017.
It also says there were 149 new residential listings in March, which is down 5.7% or nine listings compared to last March and was the lowest March level since 1989.
There were a total of 194 residential listings at the end of March. That's down 24.2% from the end of March 2017 and marked the lowest level on record by a large margin.