CK realtors say record low interest rates have created increased activity in the housing market.
There were 163 home sales last month. Not only is that a 22.6% increase from May 2015, it's also the second highest number of transactions Chatham-Kent has ever seen in a single month.
The price of an average home last month was also up, at $172,837. That's 9.2% higher than a year ago. Chatham-Kent Association of Realtors President Barb Phillips says it's definitely a seller's market right now.
"Buyers are putting offers on homes and losing them because of multiple offers," says Phillips. "We're getting several properties that are selling above list price. It's phenomenal."
While the market remains hot, the number of listings has been dwindling in Chatham-Kent. There were 227 new listings in May, down 6.6% from a year ago. As of now there are 528 total active listings, which is the lowest level of active supply since 1994.
"A lot of homes are selling as soon as they're listed," adds Phillips. "It's just a great time for a seller to put their home on the market."
Phillips expects high home sales activity to continue until at least the end of 2016.
