CK realtors smash multiple records in August

Photo from Flickr courtesy www.aag.com/retirement-reverse-mortgage-pictures

Housing sales in Chatham-Kent broke a record in August and so did the average price of a home.

The Chatham-Kent Association of Realtors says 160 homes were sold last month, an increase of 24 per cent from August 2019. President Michael Gibbons said it’s an all-time high for new home sales for the month of August and was the highest level of homes sold for any month in local history.

“August was another record-setting month for Chatham-Kent real estate,” said Gibbons. “New listings continued however, demand is so strong it effectively removes any gains made in supply especially in the lower- to mid-price ranges.”

The average price of a home jumped to an all-time high of $325,526, rising 27.3 per cent from the same month a year ago. The local real estate association said there were 173 new residential listings in August 2020, an increase of 14.6 per cent from last August but the overall supply remains at record lows. There were 128 active residential listings at the end of August. This was a large decline of 49.4 per cent from the end of August 2019.