Chatham-Kent, ON – The real estate market in Chatham-Kent has seen a significant increase in the number of homes listed in the month of August, according to the local realtor group.
In a report released by the Chatham-Kent Association of Realtors (CKAR), it was revealed that there were a record-breaking 311 homes listed for sale in August. This is a 25.4% increase compared to the same month last year.
The president of CKAR, Steve Carroll, stated that this surge in listings is a positive sign for the local real estate market. He believes that it is a reflection of the strong demand for homes in the area.
Carroll also noted that the average price of homes in Chatham-Kent has increased by 20.5% compared to last year, with the average price now sitting at $305,000. This is a significant jump from the average price of $253,000 in August 2019.
The report also showed that the number of homes sold in August was 244, which is a 17.3% increase from the same month last year. This indicates a high level of activity in the local real estate market.
Carroll attributes this increase in sales to the low interest rates and the desire for more space and a change of scenery due to the COVID-19 pandemic.
The report also revealed that the average number of days a home stays on the market has decreased from 35 days in August 2019 to 25 days in August 2020. This shows that homes are selling at a faster rate, which is another positive sign for the local real estate market.
Carroll stated that the real estate market in Chatham-Kent is currently in a seller’s market, with a high demand for homes and a low inventory. He advises potential buyers to act quickly and be prepared to make competitive offers.
In conclusion, the real estate market in Chatham-Kent has seen a significant increase in listings, sales, and average prices in the month of August. This is a positive sign for the local economy and reflects the strong demand for homes in the area. With low interest rates and a desire for more space, the real estate market in Chatham-Kent is expected to remain active in the coming months.
