The weather is almost as hot as the housing market in Chatham-Kent right now.
The Chatham-Kent Association of Realtors (CKAR) says 172 local homes changed hands in May, that's up 5.5% compared to the same month last year -- and good enough for a new record high.
"The local housing market remains very strong, with more homes bought and sold in May 2017 than in any other month in history," says CKAR president Kristi Willder.
At the same time, though, the number of homes that are available on the market is reaching new record lows. That low level of supply, mixed with a high demand, is pushing prices up to new heights.
"The average home price in the region topped the $200,000 mark for the first time in May," says Willder.
The average price of the homes that were sold last month topped out at $208,435. That's an increase of more than 20% compared to the average price in May 2016.
Only 235 homes went on the market in May, down about 17% from the same month last year.
Active residential listings are also at a record low for this time of year with only 329 units up for sale.
