Sarnia-Lambton residents are still paying a premium for bungalows, which remain the most popular type of home on the market locally.
That's according to May statistics released by the Sarnia-Lambton Association of Realtors on Monday.
Last month, 72 bungalows sold for an average price of $572,000, which is nearly an 18 per cent premium over the median of all homes.
Association President Rob Longo said, overall, homes continue to sell at a faster average pace.
"We're down to an average of 18 days last month which is a little bit better than the month previous, and a bit better than the month before that," said Longo. "So we're seeing things selling a little bit faster and we are seeing the sale prices, that have kind of leveled out after last year, hold fairly steady at around $485,000."
Longo said the current market is benefitting both buyers and sellers.
"It is taking a little bit longer (to sell) which I know can be frustrating sometimes from a seller's perspective," he said. "But, it is a little less friendly than it was the past few years, so I think that's better for everyone. Buyers certainly have more selection out there. We've seen the number of listings obviously increase significantly over last year. I think that's a good thing to help balance the market out across the board."
Longo said right now, there are about 345 homes on the market, and over 1,000 new listings year-to-date.
A total of 163 homes were sold last month, down slightly from May of 2022 (182), and May of 2021 (225).
There were 280 new homes listed in May, the highest number for the month since 2015.
Year-to-date, there have been 623 home sales, compared to 674 at this time in 2022, and 858 through the first five months of 2021.
Longo looks forward to more slow and steady growth in the second half of this year.
"We may see another potential interest rate hike between now and the end of the year," he said. "But, I think that buyers are more than well-versed now in current interest rates and they're comfortable with that in terms of their qualification. So, we don't see that as having a major impact on our local market."
