August 5, 2022 06:10 AM
As real estate experts expected, the market in Sarnia-Lambton started to cool during the summer months and a return to a more balanced market is expected.
Sales activity for the local housing market was 32.2 percent lower in July than in the same period last year. However, the number of new listings rose by 15.2 percent.
Sarnia-Lambton Real Estate Board President Rob Longo said slower sales activity and more inventory is good news for buyers.
“We expect to see a little more coming to the market in the near future, which will help all those buyers who are looking. It will just bring things back to a more balanced market, which we are typically used to seeing in Sarnia- Lambton; where we don’t have so many bidding wars.”
The median price of homes sold in July was $480,500, which is 10.5 percent higher compared to July 2021. Meanwhile, the median price for the year so far is $512,000, which is still 17.7 percent higher than the median from last year.
Longo said that with the return to a balanced market, sellers should expect the lists to rise a little longer.
“It may take a little longer to sell your house because most homes now don’t sell well within that six to seven day period, as we saw before. It can take two, three, four weeks to sell your house,” he said. “But house prices remain stable, so we don’t expect a big fall in value.”
Homes are now sold on average in 17 days for 99 percent of the asking price.