Sarnia-Lambton's real estate market is beginning to favour buyers as January saw a spike in new listings while sales remained "flat."
Seventy-two homes changed hands during the first month of 2024, which is on par with the 71 sales seen in December 2023. However, compared to a year ago, the number of sales for the month of January declined by 14.3 per cent.
Sarnia-Lambton Association of Realtors President Jeremy Guerette said although the sales to new listings ratio indicates a slight tilt into a buyers' market, he expects the trend to be short-lived.
"That's why I'm saying, I think it's a good time to buy. Toronto looks like it's heating up," he said. "They've now moved into what they would call a balanced market. Usually, we follow Toronto's market, maybe a few months behind."
Guerette also said if interest rates come down this spring, the market will likely stabilize and "heat up a little bit."
Meanwhile, current buyers appear to be taking their time as they assess their housing options.
Homes spent about 41 days on the market in January and the median sales price was down 9.1 per cent at $450,000.
"I think that's been the trend over the whole of last year and we're just sort of seeing those numbers play out now in January's stats," Guerette said.
January also ended with 376 active listings and 5.2 months of inventory.