CK home sales bounce back with higher prices

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

Home sales in Chatham-Kent are heating up as the industry starts to recover from the COVID-19 pandemic.

The Chatham-Kent Association of Realtors reports that 127 homes were sold in June, which is only one fewer sale than the same time last year.

On a year-to-date basis, 554 homes were sold in the first six months of 2020, a drop of 12.3 per cent during the same time period in 2019.

A drop in the number of home sales within the municipality started showing up in mid-March after the provincial government issued a state of emergency. Although fewer homes changed hands, the average price of homes sold continued on an upward trend.

Last month, the average price of a home sold was up 29.1 per cent to $315,296, compared to June 2019. The year-to-date average price was $287,489, which is a 16.6 per cent increase from the first six months of 2019.

“The local housing market showed signs of recovery in June, bringing us closer to pre-COVID norms,” said Michael Gibbons, president of the CK Association of Realtors. “Though sales are rebounding and prices have risen, we are still dogged by low inventory levels, especially in the low to mid-range price points.”

There were 184 active residential listings by the end of June, which is a drop of 34.3 per cent compared to the same time last year.

However, new listings in June were up 8.4 per cent on a year-over-year basis as 181 units went on the market.