Home listings in CK remain very lean

Home Sales. (Photo by © Can Stock Photo / Feverpitched)

The price of a home in Chatham-Kent keeps going up as the number of homes going up for sale remains very low.

The Chatham-Kent Real Estate Board (CKREB) reported the average price of a home sold in the area last month went up 14.1 per cent to $255,682 compared to a year ago.

CKREB added there were 129 home sold this August, down eight sales or 5.8 per cent from last August but higher than the 10-year average for the month. A total of 899 homes have been sold in Chatham-Kent over the first eight months of the year, which is up 0.8 per cent or seven sales from the same period in 2018.

“August home sales remain strong, which is surprising given how low inventories are,” said Steve Carroll, President of the Chatham-Kent Association of Realtors. “The intense competition among buyers for limited listings this year continues to drive very strong price growth.”

CKREB said 154 homes went on the market last month, an 11 per cent decrease compared to last August. There were just 253 homes listed for sale at the end of August, up 5.9 per cent or 14 listings from the end of August 2018 but below the same period in every other year.