Unusually warm weather heats up Chatham-Kent MLS® home sales in March
The number of homes sold through the MLS® System of the Chatham-Kent Association of REALTORS® totaled 175 units in March 2021, a substantial increase of 75% from March 2020. This was a new sales record for the month of March and was also the highest level for any month in history.
On a year-to-date basis, home sales totaled a record 389 units over the first three months of the year. This was a gain of 37.5% from the same period in 2020.
"March was another record-breaking month for our association." said Laura Tourangeau, President of the Chatham-Kent Association of REALTORS®. "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. An early spring coupled with a depleted overall inventory continues to put upward pressure on prices. The benefits of using the advice of a local Realtor® to ensure a competitive pricing strategy is needed for the seller to navigate this unprecedented market. Buyers have a bigger challenge, and therefore will need assistance from a professional to represent their best interest in multiple offer situations, which have become the norm in Chatham-Kent.”
The average price of homes sold in March 2021 was a record $419,577, advancing of 56.2% from March 2020.
The more comprehensive year-to-date average price was $395,587, rising by 46.5% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $73.4 million, more than double the levels from a year earlier, surging 173.4% from the same month in 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.
The number of new listings was up sharply by 83% from March 2020. There were 194 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than five years.
Active residential listings numbered 83 units on the market at the end of March, a substantial decline of 48.8% from the end of March 2020. Active listings haven't been this low in the month of March in more than three decades.
The Chatham-Kent Association of Realtors® would like to remind consumers that the average sale price relies solely on the combined homes sold in the complete area of Chatham-Kent for one specific month only. This is not an indication of all types of properties, and you should consult a local Realtor® for more information regarding the value of properties in your specific community within CK.
|* Actual data as processed through the MLS® System of the Chatham-Kent Association of REALTORS®|
|** In millions of dollars|
|*** The year-to-date active listings figure is a monthly average of the number of homes on the market at the end of each month so far this year|
BOARD & ASSOCIATION INFORMATION
The Chatham-Kent Association of REALTORS® represents 187 REALTORS® registered with its member offices. The geographical area served by the Board is the municipality of Chatham-Kent in the heart of southwestern Ontario.
CHATHAM-KENT ASSOCIATION OF REALTORS®
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