Sarnia-Lambton MLS® home sales slightly below average in August
The number of homes sold through the MLS® System of the Sarnia-Lambton Real Estate Board totaled 164 units in August 2021. This was a large decline of 19.2% from August 2020.
Home sales were 4.8% below the five-year average and 3.5% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,387 units over the first eight months of the year. This increased by 19.3% from the same period in 2020.
"As expected, sales of MLS® listed properties have slowed recently and were down when compared to last August totals," said Rob Longo, President of the Sarnia-Lambton Real Estate Board. "Although new listings were slightly below average for this time of year, they were a tad higher than sales in the previous month which helped to keep overall inventories from falling. After a year of ups and downs, we appear to be trending down over the last few months and are keeping a close eye on the market conditions in our region for any definitive indications of where the market is headed next. "
The average price of homes sold in August 2021 was $489,316, a gain of 11.9% from August 2020.
The more comprehensive year-to-date average price was $495,347, up by 28% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $80.2 million, a decrease of 9.6% from the same month in 2020.
The number of new listings saw a moderate decrease of 5.5% (11 listings) from August 2020. There were 190 new residential listings in August 2021.
New listings were 3.9% below the five-year average and 9.3% below the 10-year average for the month of August.
Active residential listings numbered 134 units on the market at the end of August, a substantial decline of 29.1% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.
Active listings were 41% below the five-year average and 67.6% below the 10-year average for the month of August.
Months of inventory numbered 0.8 at the end of August 2021, down from the 0.9 months recorded at the end of August 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