May 10, 2023 6:52am
A spring rebound is taking shape in the local real estate market as the temperature climbs.
Sarnia-Lambton Association of Realtors President Rob Longo said homes sold, on average, in 20 days last month.
“It has been taking a little bit longer for us to sell homes, obviously that’s taken a bit of the pressure off of the buyers who are looking,” said Longo. “At the same time we have seen that fluctuate a little bit over the last few months where we’re two days faster than we were in March. So, it is starting to come back down a little bit where we saw it really increasing over the second half of 2022.”
Longo said the number of homes for sale is reminiscent of the 2017-2018 market.
“In April, we saw 152 homes sold, which was actually 10 per cent higher than we saw last April. Dollar volume was up over 7.5 per cent year-over-year over last April,” he said.
Dollar volume was just over $87 million, and Longo said the number of active listings was notable.
“That’s up over 100 per cent over last year. We have just over 300 active listings on the market right now, which is a good thing. Historically we were at the 400-500 mark. So, we’re still seeing a good trend in that direction,” he added.
The median sale price for the first four months of the year was $470,000.
“Typically for April and May we see a busy market. Obviously, everyone talks about the spring real estate market. That’s when you want to wait for things to green up, for the snow to be gone and do some outside work and some spring cleanup.”