Sarnia-Lambton Real Estate Board

Sarnia-Lambton MLS® home sales below average for the month of October

The number of homes sold through the MLS® System of the Sarnia-Lambton Real Estate Board totaled 128 units in October 2022. This was a decline of 16.9% from October 2021.

Home sales were 20.9% below the five-year average and 18.7% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,341 units over the first 10 months of the year. This was a notable decrease of 21.2% from the same period in 2021.

“As it has been over the past four months, demand for MLS® listed homes in Sarnia–Lambton was relatively stable but subdued in October. Although our local market has not entirely escaped the recent downturn, we seem to be weathering the storm fairly well when compared to other areas of the province that are experiencing a far more severe decline in sales," said Rob Longo, President of the Sarnia-Lambton Real Estate Board. “The number of newly listed properties during the month was in line with what we would expect for October and overall inventory remains stable. The average price is a bit of a moving target at the moment, with fluctuations from one month to the next, but it is still significantly higher compared to pre-pandemic times. With our market in balanced territory for the first time in years, we are waiting to see how the Bank of Canada’s most recent rate hike will impact potential buyers’ ability to qualify for a mortgage and how comfortable sellers feel putting their homes up for sale.”

The average price of homes sold in October 2022 was $471,486, down modestly by 2% from October 2021.

The more comprehensive year-to-date average price was $546,812, an increase of 10.4% from the first 10 months of 2021.

The dollar value of all home sales in October 2022 was $60.4 million, a reduction of 18.6% from the same month in 2021.

The number of new listings was up by 28.1% from October 2021. There were 214 new residential listings in October 2022.

New listings were 7% above the five-year average and 8.3% above the 10-year average for the month of October.

Active residential listings numbered 374 units on the market at the end of October, more than double the levels from a year earlier, surging 181.2% from the end of October 2021. Active listings haven’t been this high in the month of October in more than five years.

Active listings were 50.6% above the five-year average and 5% above the 10-year average for the month of October.

Months of inventory numbered 2.9 at the end of October 2022, up from the 0.9 months recorded at the end of October 2021 and above the long-run average of 2.4 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

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For more information,
please contact:
519-336-6871
mailto:office@mls-sarnia.com

President
Rob Longo

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