The president of the Sarnia-Lambton Association of Realtors says the number of new listings and sales went up in March, indicating a balanced market.
A monthly report indicated that 132 homes changed hands in March, representing an increase of 6.5 per cent. The number of new listings also increased from February by 25.8 per cent for a total of 278.
Jeremy Guerette said they will continue to monitor the real estate statistics closely but it looks like the market has stabilized and he expects the trend to continue.
"It looks to me like we've settled in and until we see interest rates change, I expect we will see a lot more listings come on but with that, we'll see new buyers enter the market so that should balance itself out," he said.
Meanwhile, listings spent less time on the market in March at roughly 21 days, or 25 days year-to-date.
"We might see it come down a little bit more, maybe somewhere around three weeks on average to sell a home and that would be typical of a really decent spring market," Guerette said.
The year-to-date median price was $449,950, a decrease of 0.6 per cent compared to the same time period last year. Whereas the average price was $510,154, an increase of 1.9 per cent.