The Sarnia-Lambton real estate market is being stymied by an inventory bottleneck.
Board President Steve Park says a lack of housing for seniors is preventing them from moving and putting their homes on the market.
"If you look at the buying of houses as a chain, the last link would be a senior moving into an apartment building and selling their home, which would continue down the way until a first-time buyer was to buy that first home," says Park. "If a senior doesn't have a place to go to, like a rental property, then that stops it."
Park is encouraged by developments in the works including a new high-rise at Christina St. and London Rd. that will help ease inventory shortages.
March dollar volume of $50-million was bolstered by two home sales at or near the $1-million mark which also helped push the average sale price so far this year to over $297,000.
-With files from Dave Dentinger
