Totals for Sarnia-Lambton:

 

Sales Activity:

June 2023: 183 properties sold (+22.8% YoY)
June 2022: Approximately 149 properties sold

 

Dollar Volume:

June 2023: $96.7 million (+17.3% YoY)
June 2022: Approximately $82.4 million

New Listings:

June 2023: 296 new listings (-7.2% YoY)
June 2022: Approximately 319 new listings

 

Active Listings:

June 2023: 371 active listings (+23.3% YoY)
June 2022: Approximately 301 active listings

 

Average Price:

June 2023: $528,000 (-4.5% YoY)
June 2022: Approximately $553,000

 

Sales to List Price Ratio:

June 2023: 98.6%
June 2022: 101.8%

 

 

Breakdown by Area:

 

Sarnia North:

Active Listings: 78
Conditionally Sold: 8
Sold: 58
Average Sale Price: $862,000

 

Sarnia South:

Active Listings: 59
Conditionally Sold: 6
Sold: 47
Average Sale Price: $397,400

 

Bright's Grove:

Active Listings: 15
Sold: 10
Average Sale Price: $595,000

 

Forest:

Active Listings: 10
Sold: 6
Average Sale Price: $503,000

 

Plympton-Wyoming:

Active Listings: 54
Conditionally Sold: 3
Sold: 8
Average Sale Price: $803,000

 

Petrolia:

Active Listings: 17
Conditionally Sold: 4
Sold: 16
Average Sale Price: $473,000

 

Corunna:

Active Listings: 21
Conditionally Sold: 1
Sold: 10
Average Sale Price: $522,000

 

St. Clair Township (excluding Corunna):

Active Listings: 38
Conditionally Sold: 3
Sold: 18
Average Sale Price: $531,000

 

Notes from Sean's housing market breakdown:

 

Inventory Shortage:

• There is a shortage of housing inventory in the Sarnia-Lambton area.
• Insufficient construction of new houses is contributing to the shortage.
• The demand for housing is outpacing the available supply.

 

Population Growth:

• Recent reports from CBC highlight that Canada experienced its most significant population growth since the 1950s.
• Increased population growth contributes to the demand for housing.

 

Rising Prices:

• Due to the supply-demand imbalance, housing prices have been rising.
• Although there was a slight dip in prices earlier in the year, they have quickly rebounded.
• Multiple offers on properties are becoming more common.

 

Advice for Potential Buyers:

• Instead of trying to time the market, it is recommended for potential buyers to take action.
• Purchasing a property now can be a wise decision, as prices are projected to continue rising.
• In the worst-case scenario, if the property is not suitable for personal use, it can be rented out for a few years.
• Very few individuals regret buying a house in the long run.