October was a fairly "status quo" month for local real estate sales, according to the president of the Sarnia-Lambton Association of Realtors.
Speaking with Sarnia News Today, Jeremy Guerette said while sales were down compared to the month before, dollar volume was up a bit.
"Sales were down just slightly, so it's more of just a sideways month than anything,"Guerette said. "Anecdotally, I think all of our phones are ringing a little bit more and I've heard from mortgage brokers that people are coming in to book more appointments. So, hopefully, that looks like maybe some sales [are] on the horizon."
A total of 134 homes sold with a dollar volume of just over $74 million last month, compared to 140 sales worth just over $70 million in September 2024.
The region had 615 active listings by the end of October, 264 of which were new, representing about 4.6 months worth of inventory.
"Listings did come down and, in fact, this is the first month where we saw our net listings drop. So, that was a good sign," Guerette said.
The average year-to-date sales price was $529,000 in October and listings spent about 24 days on the market.
"If you're a buyer, there's probably never been a better time. The prices are pretty good, the interest rates are coming down and there's lots [of inventory] to choose from," he said.
A recent online survey -- conducted by Leger for EveryRate.ca between September 27-30, 2024 -- found 74 per cent of the just over 1,600 Canadian respondents need interest rates to drop below three per cent before they buy a home.
"I do think there are a lot of people waiting on the sidelines, seeing if interest rates are going to drop. I think they will, and that kind of seems to be the trend, but I've also seen that [following] the election in the U.S. the bond yields have started to change and that might put a little pressure on an upside of interest rates," Guerette said.
In the first 10 months of 2024, 1,310 homes were sold totaling $693 million.