Sarnia-Lambton's active real estate listings hit a 10-year-low for the month of September.
Real Estate Board President Rob Longo said there were 126 listings last month, a roughly 35 per cent drop from September 2020 when there were 196 active listings.
Longo said it's definitely still a sellers market out there.
"It's been like that for quite a while now, almost two years. The problem we're seeing is lack of inventory and lack of homes available, and until we see some kind of adjustment and more units becoming available, I don't think we're going to see much of a shift there," he said. "We definitely need to start getting through some more of the red tape, and getting more homes and developments approved."
Longo said in July, homes on average sold for 104 per cent of their asking price and did so in only an average of eight days on the market.
Longo said the median sale price still continues to inch higher, up 30 per cent in September over last year at $439,950.
"I think the important thing that a lot of people are questioning is as we see the number of listings continue to decline and the number of sales actually starting to decline a little bit, the market isn't quite as busy but prices are still holding very strong."
Longo said September's figures are in line with what the market has seen over the last few months.
"It's not a whole lot of exciting news, but the good thing is the market is busy and stable and prices are holding and increasing a little bit, which is nice to see."
Longo said while sales activity is fairly flat, dollar volume was up 20 per cent year over year at $82,238,169.