The number of new real estate listings reached a 10-year record in August, as the housing market and prices cooled off in Sarnia-Lambton.
Sarnia-Lambton Real Estate Board President Rob Longo said there were 342 active listings last month, a 134 per cent increase over August 2021, and 267 of them were new.
"We have seen a dramatic shift in the market in the last couple of months, which is not necessarily a bad thing, but we did see in August a record number of new listings come on which is a really good thing for buyers and sellers that are looking in the local market," said Longo.
As a result of the increased inventory, homes took longer to sell, averaging 21 days on the market.
"Buyers can take their time, they can look at a few more options that are available. There's not as much urgency in the market. So, it's just a little bit easier and less stressful for both those buyers and the sellers, in terms of a more traditional process of what we're used to, versus how busy it's been the last couple of years."
Longo said on average, homes sold for about 97 per cent of their asking price in August.
"We are still seeing some houses that are getting multiple offers and going [selling] over asking. But, for the most part, most are back to a more traditional process."
Longo said the median sale price year-to-date was $500,000 last month, which was down slightly from the previous month, but still up 14 per cent over the median price in 2021.
"Usually we see a bit of a seasonal slowdown at the end of August, beginning of September, with people going back to school and vacationing and different things like that. But, overall, we're expecting a very strong fall and I think things have set up to really be a busy fall for buyers and sellers here locally."
Volume sales for the month reached nearly $70 million, an almost 14 per cent decrease from August 2021.