COVID-19 hinders home sales in CK but not prices

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

Fewer homes are being sold and put on the market in Chatham-Kent due to the COVID-19 crisis, however, the average price of a home is still up.

The Chatham-Kent Association of Realtors said 97 units were sold last month, which is down two per cent compared to March of 2019.

“With the government issuing a state of emergency, it is apparent that sellers are heeding to the recommendations of no face to face activity, which made the first half of the month look very different from the second half,” said Michael Gibbons, president of the Chatham-Kent Association of Realtors. “Due to the current self-isolation practices new listings were down considerably, and the number of homes for sale on the market to start April was the lowest ever.”

The association reports that residential listings were down 32.7 per cent on a year-over-year basis as there were only 101 new listings in March.

However, The average price of homes sold in March is at $264,781 — a 10 per cent increase from the same time last year. The year-to-date average price was $265,109, which is up 12 per cent from the first three months of 2019.

With circumstances related to COVID-19, the association said it’s not “business as usual and won’t before some time”.

The overall supply is at record lows as there are only 145 active residential listings, as of the end of March. The supply is down 27.1 per cent compared to the same time last year.