MLS® home sales in Sarnia-Lambton set new March record
The number of homes sold through the MLS® System of the Sarnia-Lambton Real Estate Board totaled 181 units in March 2021. This was an advance of 34.1% from March 2020 and was a new sales record for the month of March.
On a year-to-date basis, home sales totaled 416 units over the first three months of the year. This was up by 16.9% from the same period in 2020.
"MLS® home sales once again set a new monthly record in March." said Rob Longo, President of the Sarnia-Lambton Real Estate Board. "Although there was an uptick in the number of newly listed resale properties last month, overall inventory is still hovering only slightly above the lowest level in history. This factor combined with continued strong demand has kept market conditions extremely tight not only in our region, but across the province, and nationwide. As vaccinations rollout widely over the next few months, we expect to see some pent-up supply come online from sellers that have been hunkered down riding out the pandemic for the last year. We are closely monitoring leading indicators that may provide insight into how the hot spring and summer markets will play out in 2021."
The average price of homes sold in March 2021 was $492,620, rising 34.2% from March 2020.
The more comprehensive year-to-date average price was $491,285, climbing 39.7% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $89.2 million, a substantial gain of 79.9% from the same month in 2020. This was also a new record for the month of March.
The number of new listings were up 4.1% (eight listings) from March 2020. There were 201 new residential listings in March 2021.
Active residential listings numbered 112 units on the market at the end of March, down sharply by 50.2% from the end of March 2020. Active listings haven't been this low in the month of March in more than three decades.
Months of inventory numbered 0.6 at the end of March 2021, down from the 1.7 months recorded at the end of March 2020 and below 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.
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