Sarnia-Lambton Association of REALTORS®

The number of homes sold through the MLS® System of the Sarnia-Lambton Association of REALTORS® totaled 134 units in October 2024. This was a sizable gain of 21.8% from October 2023.

Home sales were 8.6% below the five-year average and 13.8% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,310 units over the first 10 months of the year. This increased by 3.7% from the same period in 2023.

“October’s data showed a strong year-over-year increase in sales, though activity remains just slightly below typical levels for this season. While new listings eased from September, contributing to an overall inventory decline, buyers still have ample options, with active listings well above the long-term averages for this time of year,” said Jeremy Guerette, President of the Sarnia-Lambton Association of REALTORS®. “The average price in October was the highest single month reading so far this year, reflecting the market’s steady demand. With balanced conditions, it is a great time to explore your options and find your ideal home. We encourage potential buyers to connect with a local REALTOR® who can expertly navigate the evolving landscape in our region.”

The average price of homes sold in October 2024 was $555,897, a gain of 7.5% from October 2023.

The more comprehensive year-to-date average price was $529,211, nearly unchanged, down only 0.9% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $74.5 million, a substantial increase of 31% from the same month in 2023.

The number of new listings saw a slight reduction of 0.4% (one listing) from October 2023. There were 264 new residential listings in October 2024.

New listings were 15.5% above the five-year average and 24.5% above the 10-year average for the month of October.

Active residential listings numbered 615 units on the market at the end of October, increasing by 20.1% from the end of October 2023. Active listings haven’t been this high in the month of October in a decade.

Active listings were 66.7% above the five-year average and 71.5% above the 10-year average for the month of October.

Months of inventory numbered 4.6 at the end of October 2024, down from the 4.7 months recorded at the end of October 2023 and above the long-run average of 2.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.