Sarnia Lambton's Real Estate Board President is hoping sunshine and warmer temperatures this month and next month will result in an increase of real estate listings.
Rob Longo said the weather was a bit spotty in April so activity wasn't as busy as expected.
"We're hoping in May and June we'll see a big push in terms of the number of homes coming on the market, as people get their houses and yards cleaned up for springtime," said Longo.
Longo said demand continues to be strong and there has been no recovery from supply shortages.
"We did see the median price continue to tick up and hold strong at about $525,000, with the number of active listings declining again 15 per cent year-over-year from last year and then the number of transactions actually slowed by 34 per cent over last year. So, we're seeing the prices holding strong but we are continuously seeing the number of listings and transactions declining as the market inventory continues to tighten."
Longo said many homes are still getting multiple offers.
"The average sale price for the month of April was 114 per cent of asking. So, on average, homes are selling for 14 per cent more than the asking price. Again, that is an average, so there are some selling for a lot more and some selling for a lot less."
149 properties worth nearly $93 million sold in April.
"A lot of people are still choosing Sarnia-Lambton, which is a good thing," Longo said. "Based on our projections, the net migration for April to our area was approximately 100 new people."
He's still hopeful Sarnia council will support a proposal to expand development areas into Bright's Grove to help increase the housing stock.
"We are also very positive and optimistic with the new developments that are starting in The Rapids Parkway and Camlachie, in terms of the new homes, it will free up some potential inventory for people as well."
Council will discuss the official plan again at its meeting on Monday, May 9.