December marked another month of red hot home sales activity in Chatham-Kent as the average price shot up to another record high.
The Chatham-Kent Association of Realtors (CKAR) said 62 homes changed hands in the municipality last month, selling for a record-high average price of $269,973.
That's an increase of 26 per cent compared to December 2018 and a whopping 102.9 percent increase compared to December 2009.
At the same time, the number of listings in Chatham-Kent continues to drop.
A release from CKAR said there were only 169 active residential listings at the end of December, setting a new record low and continuing a downward trend seen throughout 2019.
There were 280 active listings in Chatham-Kent at the end of July 2019, 253 at the end of August, 247 at the end of September, 212 at the end of October, and 190 at the end of November.
"Home sales levelled out to finish 2019, although that is no surprise given that the number of properties listed for sale in the region is at a record low," said Michael Gibbons, the newly installed CKAR president. "Unprecedented market tightness is pushing prices rapidly higher. At this point, we are looking at 2020 with cautious optimism."
The annual average price for the homes that were sold in Chatham-Kent in 2019 was $251,460 -- that's up 17.5 per cent compared to 2018 and marks a 90.9 percent increase compared to 2009.
