April 9, 2013
President Randy Korpan
Chatham-Kent home sales improve in March
Residential sales activity recorded through the MLS® System of the Chatham-Kent Association of REALTORS® improved in March 2013, following a drop in February, although it remained below the much stronger levels reported a year earlier. Home sales numbered 94 units in March. This was down 16 per cent from March 2012, marking a considerable improvement from the 32 per cent decline reported in February.
“Demand definitely picked up in March after a pretty quiet month of February, but it couldn’t match the very strong month of March we saw last year,” said Randy Korpan, President of the Chatham-Kent Association of REALTORS®. “We also saw a sizeable year-over-year jump in the average selling price in March, although that was largely a story about a temporary drop in the measure last year.”
The average price of homes sold in March 2013 was $141,754, up nine per cent from March 2012. New listings dropped 30 per cent on a year-over-year basis to 179 units in March, with the size of the decline reflecting a jump in new listings in March 2012. There were 642 active residential listings on the Association’s MLS® System at the end of March 2013. This marked a six per cent decrease from the same time last year. There were 6.8 months of inventory at the end of March 2013, up from 6.1 months recorded a year earlier and just slightly above the long-run average for this time of the 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.
For more information contact Randy Korpan President CKAR 519-437-7007
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.