Sales activity in the local real estate market saw a slight bounce back in February as 100 homes changed hands.
Although the number of sales in Sarnia-Lambton last month was down by one per cent compared to February 2023, it is an increase from January's 72 sales and the 71 sales seen in December 2023.
There was also an increase in the number of new listings with 205 last month.
"But the sales to new listings ratio was up significantly, sitting at just under 50 per cent (48.8 per cent) which would put us right in the middle of a balanced market," said President of the Sarnia-Lambton Association of Realtors Jeremy Guerette.
The year-to-date median price remained steady at $450,000, which is down 1.1 per cent compared to the same time last year.
So far this year, homes have spent 32 days on the market.
Guerette said the winter months are typically slow but activity is expected to pick up this month.
"March usually kicks off the busy season of the year, so we expect things to continue to improve going into spring and into the summer months," Guerette said.
He also expects interest from out-of-town buyers to increase as we head into the warmer months.
A recent report by the Municipal Property Assessment Corporation (MPAC) said Sarnia was one of the few municipalities in Ontario where the majority of homes can still be purchased for under $500,000.