Sarnia Lambton Market Update for June 2024: A blog summary by Blue Coast Realty

• Market stats year-to-date: Compared to June 2023, sales volume in June 2024 is down by about 23 million, with the average sales price also down slightly from $486,000 to $469,000. There were also fewer sales this year (137) compared to last year (176).

 

• Months of inventory: The months of inventory has increased from 4 months last year to 7 months currently. This shift indicates a buyer's market. However, it's important to consider that the lower price ranges ($550 and below) are still selling well due to lack of inventory. The biggest challenge is selling houses between $600,000 to $1.2 million.

 

• New home construction: Building permits are down significantly year-over-year, with only 8 permits issued so far in 2024 compared to 33 at this time last year. Most of the new constructions are happening in Plymouth Wyoming.

 

• Impact of interest rates: There was a rate reduction in June by a quarter of a point, with another one expected in July. While the impact so far has been minimal, 15% of buyers are waiting on the sidelines for a more significant rate reduction before entering the market.

 

• Overall market condition: Despite the decrease in sales volume and average price, Sarnia Lambton remains an affordable city to live in. The market is expected to pick up in July, possibly due to the upcoming rate reduction.