The housing market in Chatham-Kent is still red hot.
But as the supply drops, the prices are shooting up.
The average price for a home that was sold in Chatham-Kent last month hit a record high of just over $195,500 -- that's up nearly 30% compared to March 2016.
"The result of increased competition among buyers has been a big jump in the average sale price compared to one year ago," says President of the CK Association of Realtors Kristi Willder.
The record high average price in March drove up the year-to-date average price to $183,600, rising 20% compared to the first three months of 2016.
Willder notes that while home sales in March were not as strong as February, "part of that slowdown may be explained by the fact that we're looking at a record-low number of homes for sale heading into the spring market."
There were only 256 active listings on the CK Association of Realtors' MLS System at the end of March -- that's down nearly 50% from March 2016 and marks the lowest level on record for active supply at this time of the year.
