Sarnia-Lambton Association of REALTORS®

The number of homes sold through the MLS® System of the Sarnia-Lambton Association of REALTORS® totaled 121 units in November 2024. This was an advance of 31.5% from November 2023.

Home sales were 1.2% above the five-year average and 5.5% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 1,431 units over the first 11 months of the year, up by 5.6% from the same period in 2023.

“In November home sales saw a significant year-over-year increase, aligning closely with historical norms. New listings increased compared to November 2023, outpacing sales by a 2 to 1 margin. Overall inventory also increased notably from the same period last year, remaining well above the long-term averages,” said Jeremy Guerette, President of the Sarnia-Lambton Association of REALTORS®. “On the pricing side there has been very little movement, with the average experiencing a slight decline from November 2023. Combine all these factors and you end up with balanced market conditions and plenty of opportunities for buyers and sellers alike. We will have to wait to see if the upcoming regulatory changes and potential interest rate cuts spur unseasonal sales growth during the traditionally slower winter months or if sidelined buyers choose to wait until the spring market to dive in.”

The average price of homes sold in November 2024 was $524,651, a minor decrease of 3.3% from November 2023.

The more comprehensive year-to-date average price was $528,826, a small reduction of 1.1% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $63.5 million, increasing by 27.2% from the same month in 2023.

The number of new listings saw a gain of 18% from November 2023. There were 243 new residential listings in November 2024. This was the largest number of new listings added in the month of November in more than 25 years.

New listings were 31.5% above the five-year average and 45.2% above the 10-year average for the month of November.

Active residential listings numbered 594 units on the market at the end of November, up by 15.6% from the end of November 2023. Active listings haven’t been this high in the month of November in more than a decade.

Active listings were 67.8% above the five-year average and 79.5% above the 10-year average for the month of November.

Months of inventory numbered 4.9 at the end of November 2024, down from the 5.6 months recorded at the end of November 2023 and above the long-run average of 2.8 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.