A decrease in listings depressed the Sarnia-Lambton real estate market in March.
A total of 141 properties worth about $45 million sold, nearly $5 million less than a strong month of March 2018.
Real Estate Board President Donna Mathewson said tight supply pushed the average sale price higher.
"So we're going to see this month that we're down 16 per cent in sales and nine per cent in listings, which are directly related to each other," said Mathewson. "We are up to $336,000 for our average sale price. The less listings that we have, the more money that it's going to cost for those listings because there's going to be more buyers -- it's a supply and demand situation."
The average sale price is up 11 percent compared to $303,000 at this time last year.
Mathewson said despite the increase, it really doesn't mean much for sellers.
"If we have a few less listings that sell at say under $150,000 in a month, and we have a few more that sell on the lake or farms that sell for over $1 million in a month, it's really going to pull that average up," said Mathewson. "The average sale price is really not indicative of what any one person can get for their house because all houses are individual."
Mathewson said winter weather may have also contributed to the lower numbers in March.
She said despite the decrease, year-to-date sales in Sarnia-Lambton are still about $7 million ahead of last year at $115 million.
Donna Mathewson (Photo by Melanie Irwin Feb. 2018)
