The new president of the Sarnia-Lambton Association of Realtors says 2024 may be the time for potential buyers to step off of the sidelines and into the market.
Jeremy Guerette stepped into his new role as association president on January 1, taking over from outgoing president Rob Longo.
"He was our president for the past three years, he did an awesome job. I appreciate his help in the transition," said Guerette. "[I'm] looking forward to serving the Sarnia-Lambton region this upcoming year."
As expected, the final month of 2023 saw fewer sales and an increase in new listings.
Seventy-one homes were sold last month, which was a decrease of 6.6 per cent compared to December 2022.
Overall, sales activity decreased 6.8 per cent compared to 2022.
The median sales price remained "relatively steady" throughout 2023 and finished with an overall decline of one per cent. The median price is currently sitting at $468,000.
Guerette said on average, residential homes took about 35 days to sell in December, which was up from 31 days in November 2023.
As outlined in a monthly report, there were 74 new listings last month and 343 active listings.
With hope of interest rates lowering this year, Guerette said they're optimistic the market will further stabilize.
"I do think there are quite a few buyers kind of waiting on the sidelines potentially for prices to stabilize or bottom out, which I believe we're starting to see now," he said.
"I think now is an excellent time to buy and probably over the course of 2024. If you've been waiting, maybe now's the time to get into the market."
The Bank of Canada's key interest rate has held steady at five per cent with its next announcement scheduled for January 24.
