Chatham-Kent's real estate market got a major boost with the start of spring as home sales were up a whopping 75 per cent compared to March 2020.
The Chatham-Kent Association of Realtors said 175 homes were sold in March, which not only marked a new sales record for the month but the highest level for any month in history.
"Resale home sales set both a new March and a new all-time monthly record this past month. We also saw an uptick in the number of resale properties newly listed in March, which helped to shore up inventory," said CK Association of Realtors President Laura Tourangeau. "An early spring coupled with a depleted overall inventory continues to put upward pressure on prices."
The average price of homes sold last month also set a record at $419,577. The average price is a 56.2 per cent increase compared to the same time last year. The year-to-date average price of homes sold was $395,587.
In total, the dollar value of homes sold last month was $73.4 million. The CK Association of Realtors said that total is an increase of 173.4 per cent from March 2020.
"This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history," said a release from the association.
In terms of listings, new residential listings were up for the month but active listings by the end of March were down. There were 194 new listings, marking an 83 per cent increase compared to the same time last year. However, there were only 83 units on the market by the end of March which is a 48.8 per cent decline from March 2020.
The association said active listings in March haven't been this low in more than three decades.