Chatham-Kent home sales rebound in January

 Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® came in above average in January 2013.

 Home sales numbered 68 units in January. This was on par with levels from January 2012, marking one of the better months of January on record.

 “Home sales in the region have only ever topped 70 units sold in the month of January twice in history, so the 68 sales recorded this January was a pretty strong showing, and a bit of a surprise given the slowdown we saw in December,” said Randy Korpan, President of the Chatham-Kent Association of REALTORS®. “At the same time new listings were down in January which helped to further firm up the balance of supply and demand in the region.”

 The average price of homes sold in January 2013 was $140,091, down six per cent from January 2012. It is important to note that the average price calculation can and often does suffer from increased volatility in the lower volume winter months.

 New listings declined 15 per cent on a year-over-year basis to 179 units in January. There were 603 active residential listings on the Association’s MLS® System at the end of January 2013. This was the lowest level for this time of the year since 2007, and a five per cent decrease from the same time last year.

 There were 8.9 months of inventory at the end of January 2013, down from 9.3 months recorded a year earlier. This remains well below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 The Chatham-Kent Association of REALTORS® represents 150 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.

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