Realtor handing over keys to a house in an empty room. © Can Stock Photo / pbombaertRealtor handing over keys to a house in an empty room. © Can Stock Photo / pbombaert
Sarnia

November home sales slow down

As expected, home sales in Sarnia-Lambton slowed down in November.

Ninety-two properties changed hands last month, a drop of about six per cent compared to November 2022.

Sarnia-Lambton Association of Realtors President Rob Longo said part of the slowdown was expected as we approach the holiday season.

"Also, we've seen that overall trend this year as the whole market has slowed down a little bit with the interest rate increases," Longo said.

Pricing remains strong locally as most properties sold for 97 per cent of their asking price. Longo said the median price has remained "steady and predictable" this past year.

"We're sitting right at $490,000 which has been very steady over the past 12 months and consistent, which we think is a good thing, especially over the turbulence we've seen over the last couple of years," said Longo. "I think that puts us at a good mark when compared to other regional municipalities of our size, in our area."

Homes took about 31 days to sell in November.

There were 199 new listings in November and five months of inventory. Longo said if the trend continues, there will start to be a transition from a balanced market to a buyer's market.

"There's a couple of different factors, the biggest one is inventory and the absorption rate. As the number of sales has slowed down over the past year, the number of new listings has also increased," he said. "There are more houses now for sale, at the same time, there are fewer sales so there's just less turning over as an overall snapshot of the market."

As we look ahead to the winter months, Longo said December is expected to be similar to last month, while January and February are a little more unpredictable and dependent upon the weather.

"But we do expect to see a fairly good start to the year this year and a really robust spring," Longo said. "Usually the spring market is our busiest time and I think this year, we're going to see that compounded by the potential for some lower interest rates and some pent-up demand in the market that's going to make for a very busy spring and summer season."

As highlighted in an update from the association, many indicators are pointing toward interest rates dropping in 2024, so many buyers may be waiting until the new year to make an offer.

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