Limited listings in CK spark bidding wars among buyers

(Submitted photo from the Chatham-Kent Association of Realtors)

Competitive buyers looking for a place to call “home” in Chatham-Kent face limited options, which is only driving up prices.

The Chatham-Kent Association of Realtors has reported another strong month in sales as 137 units were sold in July. Compared to July of 2018, that’s a seven per cent increase.

The average price of a home sold last month was $255,834, which is a 6.9 per cent increase from July of 2018. However, the year-to-date average price for a home was $248,752, which is a 20.9 per cent jump from the first seven months of 2018.

“Home sales were strong in July, coming in fewer than 10 transactions below the record for that month set back in 2016,” said Steve Carroll, president of the Chatham-Kent Association of Realtors. “The intense competition among buyers for limited listings this year has been evident in the behaviour of prices, which remain on track for a huge gain in 2019.”

According to the association, the housing market in Chatham-Kent saw a 20-year low for new supply in the month of July. There were 173 new residential listings last month, which is down 4.4 per cent on a year-over-year basis.

Active residential listings sit at 280 units.