House prices increase significantly in Chatham-Kent

House for sale in Ottawa on Feb. 24, 2011. (THE CANADIAN PRESS IMAGES / Sean Kilpatrick)

There has been a significant increase in the price for homes sold in Chatham-Kent.

Data from the Chatham-Kent Association of Realtors shows the average price of a home sold in the first three months of 2019 is $238,332.

That is an increase of 31.7 per cent over the same period in 2018.

100 homes sold in March, down 13 per cent from a strong March last year.

Home sales totalled 239 units over the first three months of the year, up slightly over the same period in 2018.

“Sales activity bounced back to average levels in March following a brief dip in february,” said Steve Carroll, the President of the Chatham-Kent Association of Realtors.

“It looks like these fluctuations in sales are more a supply story than a demand story,” added Carroll. “Given how few homes are out there for sale, monthly sales figures seem to be very much influenced when new listings become available. The competition among buyers for limited listings is evident in the behaviour of prices, which have been posting huge gains of late.”

There were 150 new residential listings in March, an increase of 18.1 per cent on a year-over-year basis