The real estate market in Sarnia-Lambton is starting to warm up as homes sold faster in June.
Statistics from the Sarnia-Lambton Real Estate Association shows that 183 homes changed hands in June, which is up 22.8 per cent compared to June 2022.
Homes have started to sell quicker. On average, homes were on the market for 15 days in June, compared to 18 days in May. Homes also sold for 99 per cent of their asking price.
Sarnia-Lambton Association of Realtors President Rob Longo said they are still seeing some bidding wars for lower-priced homes.
"We're going to see that sale-price to list-price ratio sit, I think, right around that 98 or 99 per cent of asking price, and that's probably where it's going to stay for a while," Longo said.
The median price of homes sold last month was $496,000, whereas the median year-to-date price is sitting at $490,000.
"That still is very reasonable still compared to a lot of the other centres in southwestern Ontario," Longo said. "That $500,000 price point is kind of the sweet spot, we think that's still very good and attractive for anyone looking here, it is still quite a bit below anything you would find comparable in Windsor and London, and other closer centres."
Longo said what they're seeing now is considered to be a balanced market. The past few years saw a very strong sellers market but that has since cooled off.
"Right now, we're sitting at about 2.5 months of inventory on the market and right about the three to four months would [be] where we start to see the shift to more of a buyers market," he said. "So we're still sort of right on the cusp of that, we haven't made the transition yet."
There were 296 new listings last month, which is down by 7.2 per cent compared to June 2022. The month of June capped off with 371 active listings.
