Sarnia-Lambton Association of REALTORS®

Demand for MLS® listed homes in Sarnia-Lambton rebounds in September

The number of homes sold through the MLS® System of the Sarnia-Lambton Association of REALTORS® totaled 140 units in September 2024. This was an advance of 42.9% from September 2023.

Home sales were 0.3% above the five-year average and 7.2% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 1,176 units over the first nine months of the year. This was up modestly by 2% from the same period in 2023.

“Sales rebounded in September, surging over 40% compared to September last year. The number of newly listed homes also jumped year over year, outpacing sales by more than 2 to 1,” said Jeremy Guerette, President of the Sarnia-Lambton Association of REALTORS®. “This boost to overall inventory means we ended September with the highest number of available homes since the summer of 2015. Market conditions remain balanced, with a slight tilt in favour of buyers, making it a good time for those looking to find their dream home to come off the sidelines and into the market.”

The average price of homes sold in September 2024 was $504,826, a minor decrease of 2.5% from September 2023.

The more comprehensive year-to-date average price was $526,171, a small reduction of 1.8% from the first nine months of 2023.

The dollar value of all home sales in September 2024 was $70.7 million, a significant gain of 39.3% from the same month in 2023.

The number of new listings saw a gain of 28% from September 2023. There were 329 new residential listings in September 2024. This was the largest number of new listings added in the month of September in more than three decades.

New listings were 32.1% above the five-year average and 41% above the 10-year average for the month of September.

Active residential listings numbered 631 units on the market at the end of September, up by 28.8% from the end of September 2023. Active listings haven’t been this high in the month of September in a decade.

Active listings were 69.8% above the five-year average and 69.6% above the 10-year average for the month of September.

Months of inventory numbered 4.5 at the end of September 2024, down from the 5 months recorded at the end of September 2023 and above the long-run average of 2.6 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 Association of REALTORS®, 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®).