As anticipated, the slower winter months have started to show with the number of sales in the local real estate market.
The Sarnia Lambton Association of Realtors reported 121 home sales in November, which is down compared to October's 134 sales.
However, compared to November 2023, sales activity saw a 31.5 per cent increase, with the year-to-date total also up 5.6 per cent.
The dollar volume for the month of November was over $63 million, which is down compared to October, but up 27.2 per cent compared to November 2023.
Listings spent about 30 days on the market.
The year-to-date average sales price for November was $528,826.
Association President Jeremy Guerette said with a less competitive market and interest rates expected to go down, it may be a good time for prospective buyers.
"We're expecting rates to come down again on December 11. We don't know for sure but it looks like most analysts are anticipating at least a [decrease of] 0.25 [per cent] -- maybe an outside potential for another 0.5 [per cent], and I think anything like that would bolster consumer confidence," said Guerette. "I think a lot of buyers are maybe waiting to see those rates just get down a little bit before entering the market."
Guerette also noted there are plenty of homes to choose from that range in price.
"It seems like there's a lot to choose from right now and the prices have held pretty steady," he said.
There are 594 active listings in Sarnia-Lambton, which represents 4.9 months worth of inventory.
November saw 243 new listings.