Record 80 homes sold in C-K dur­ing De­cem­ber

Windsor Star - - CITY + REGION - ELL­WOOD SHREVE

De­cem­ber has tra­di­tion­ally been a slow month for real es­tate, but that wasn’t the case in Chatham-Kent.

The 80 units sold last month was a record for De­cem­ber, ac­cord­ing to the monthly sales ac­tiv­ity recorded through the MLS Sys­tem of the Chatham-Kent As­so­ci­a­tion of Real­tors. This was a jump of 33.3 per cent from 2017. As­so­ci­a­tion pres­i­dent Steve Car­roll said the 95 new res­i­den­tial list­ings in De­cem­ber, which was a huge 163.9-per-cent in­crease on a year-over-year ba­sis, helped ad­dress the on­go­ing is­sue of low in­ven­tory of homes avail­able. He said this spike in list­ings “cre­ated some more ex­cite­ment there was some­thing for peo­ple to buy.” Car­roll said an­other fac­tor with De­cem­ber sales has been the mild win­ter, so far.

“Peo­ple don’t mind look­ing at homes when there isn’t two feet of snow around or bliz­zards,” he con­tin­ued.

The tra­di­tional ad­vice has been for home­own­ers to wait un­til spring to list their homes. How­ever, Car­roll said many real es­tate agents are telling peo­ple with the low in­ven­tory of homes, you don’t have to wait un­til spring to list.

“The prices are still very strong, the in­ven­tory is still low, so that con­tin­ues to have a pos­i­tive ef­fect on prices from a seller’s stand­point.”

While the av­er­age sell­ing price in De­cem­ber dipped to $214,094 from the record high of nearly $244,000 in Novem­ber, Car­roll said the more com­pre­hen­sive an­nual av­er­age sell­ing price was $214,078, up 17.7 per cent from 2017.

“I al­ways keep say­ing, ‘One month doesn’t make the year, you have to put it all to­gether,’ ” he said. There were 195 ac­tive res­i­den­tial list­ings at the end of 2018, which is just one list­ing higher than the end of 2017, but below the end of ev­ery other year on record.

The months of in­ven­tory — the num­ber of months it would take to sell cur­rent in­ven­to­ries at the cur­rent rate of sales ac­tiv­ity — was at 2.4 months at the end of 2018. This is down from the 3.2 months

Prices are still very strong, the in­ven­tory is still low, so that con­tin­ues to have a pos­i­tive ef­fect on prices from a seller’s stand­point.

of in­ven­tory recorded at the end of 2017.

Car­roll said if the jump in list­ings seen in De­cem­ber is sus­tained it would even­tu­ally start to take some of the pres­sure off prices. He said there is some good ac­tiv­ity with new builds by lo­cal builders, which helps the in­ven­tory sit­u­a­tion if some­one is look­ing for a brand new home.

Car­roll said there are still plenty of home­buy­ers com­ing from the Greater Toronto Area and Golden Horse­shoe area.

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