THE CHATHAM VOICE
THURSDAY, MAY 16, 2019
PAGE 9
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THURSDAY, MAY 16, 2019
Housing prices hit all-time high
By Bruce Corcoran bruce@chathamvoice.com
Home sales were down in April, but prices continued to climb, to the point the average sale price of a home in Chatham-Kent last month set a new alltime high. A total of 113 homes sold in Chatham-Kent in April, which is down 6.6 per cent from April of last year, and just two sales off the 10-year average for the month. Meanwhile, the average price for a home sold in April was almost $260,000. Steve Carroll, president of the Chatham-Kent Association of Realtors, said
a continued lack of inventory, coupled with high buyer interest, is driving up prices. So far this year, local realtors have sold 352 residential units. That’s down six sales from the same period a year ago. But the problem with the local market is inventory, or lack of it. There are fewer homes to sell these days. There were 186 new residential listings in April 2019. This was an increase of 13.4 per cent on a yearover-year basis but was still a below-average result for the month. A dearth of rental units is impacting inventory lev-
els as well. Carroll said the vacancy rate in the area is close to zero. “People have no place to go so they hesitate to put their home on the market,” he said. “The result is 240 listings as opposed to the 600 we traditionally have at this time of the year.” With the lower inventory, quick sales and multiple bid situations, Carroll said real estate agents helping folks purchase a home can get as frustrated as the buyer. “We go through the same situation they go through. You lose out on the bid and go through the whole process again. But there’s
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The housing market remains red hot in Chatham-Kent.
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really nothing we can do about that. It’s the market,” he said. The average price of homes sold in April 2019 was a record $259,683, jumping 18.7 per cent from April 2018. The more comprehensive year-to-date average price was $245,186, an increase of nearly 27 per cent from the first four months of 2018. Carroll said even putting a price tag on a home is difficult in this ever-increasing market. “You used to go back a couple of years and pull comparables (on prices of homes sold nearby).”
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Peifer Realty Inc. BROKERAGE INDEPENDENTLY OWNED AND OPERATED
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