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Record Low Selection For CK Homebuyers

If you’re looking to buy a home in Chatham-Kent right now, you won’t have many to choose from.

That’s because the number of homes that are up for sale in Chatham-Kent right now is at a record low.

The latest figures from the Chatham-Kent Association of REALTORS® (CKAR) say there were only 170 homes on the market in the area at the end of May, down almost 50% compared to the same time in 2017.

Fewer homes are hitting the market right now, too. There were only 172 new residential listings in May 2018, which is down 26.8% compared to the same month last year — it’s also the lowest level of new listings for the month in 25 years.

On the other hand, if you’re looking to sell, you’ll probably find someone who’s willing to pay up. CKAR president Steve Carroll says as the selection continues to drop, the average price continues to climb.

“With supply as low as it is, prices continue trending at record levels,” says Carroll. “This was again borne out in May, with the average price setting yet another new all-time record.”

That record high for the average sale price was $214,832 — an increase of 3.1% from May 2017.