MLS® home sales in Sarnia-Lambton continue at a steady pace in May
The number of homes sold through the MLS® System of the Sarnia-Lambton Real Estate Board totaled 187 units in May 2022, declining 16.9% from May 2021.
Home sales were 4.5% above the five-year average and 1.4% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 680 units over the first five months of the year. This was down sharply by 20.7% from the same period in 2021.
“May MLS® sales totals were right around what we would expect for this time of year when compared to the five and 10-year averages for the month,” said Rob Longo, President of the Sarnia-Lambton Real Estate Board. “The number of newly listed properties last month were also in line with a typical May. Overall inventory continues to build and is more than double the all-time lows seen just a few months ago. There is no question that the market has started to slow from the torrid pace we have seen over the past couple of year but, at least for now, activity in our region is steady.”
The average price of homes sold in May 2022 was $576,412, an increase of 19.6% from May 2021.
The more comprehensive year-to-date average price was $573,551, a gain of 17.4% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $107.8 million, edging down 0.6% from the same month in 2021.
The number of new listings saw a modest gain of 3.2% (eight listings) from May 2021. There were 258 new residential listings in May 2022. This was the largest number of new listings added in the month of May in more than five years.
New listings were 12.3% above the five-year average and 1.7% above the 10-year average for the month of May.
Active residential listings numbered 180 units on the market at the end of May, up by 25.9% from the end of May 2021.
Active listings were 15.9% below the five-year average and 50.7% below the 10-year average for the month of May.
Months of inventory numbered 1 at the end of May 2022, up from the 0.6 months recorded at the end of May 2021 and below the long-run average of 2 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.
BOARD & ASSOCIATION INFORMATION
The Sarnia-Lambton Real Estate Board, established in 1944, is a non-profit organization. The County of Lambton, of which Sarnia is the principal city, is bounded on the North and West by the crystal blue waters of Lake Huron and the St. Clair River. The REALTOR® and MLS® trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
SARNIA-LAMBTON REAL ESTATE BOARD