October 2023 Housing Market Update for Sarnia-Lambton

As the leaves change color and we settle into the last quarter of the year, the housing market has presented us with its own season of change. Let's delve into the October 2023 housing statistics and compare them with the trends from the previous year.

Sales Activity Takes a Slight Dip

• Total Sales: In October 2023, the market saw 110 properties change hands. This marks a 14.1% decrease compared to the bustling activity of October 2022.

Dollar Volume Indicates Cooling

• Total Dollar Volume: Approximately $57 million was exchanged in real estate transactions, a slight decrease of 5.7% from the previous year, suggesting a cooling in the total market spend.

Listing Landscape - More Options for Buyers

• New Listings: Potential sellers were more active, with 259 new listings, indicating a significant 21% increase. This suggests that sellers are still eager to enter the market.
• Active Listings: Active listings soared to 481, representing a notable 27% increase since last October, offering buyers more options.

Sales Metrics Reveal Market Temperature

• Sales to New Listings Ratio: This ratio stood at 42.5, which is lower than the 59.8 from the prior year, suggesting a shift towards a more balanced or buyer-friendly market.
• Months of Inventory: There's now a 4.4 months supply, up from the 3.0 months a year ago, hinting at a market that's slowing down.

Regional Breakdown:

A Closer Look at Local Trends

Sarnia North End:

• Active Listings: 96
• Conditionally Sold: 9
• Sold: 24
• Average Sale Price: $552,000

Sarnia South End:

• Active Listings: 83
• Conditionally Sold: 12
• Sold: 35
• Average Sale Price: $394,000

Bright's Grove:

• Active Listings: 15
• Conditionally Sold: 1
• Sold: 5
• Average Sale Price: $560,000

Plympton-Wyoming:

• Active Listings: 76
• Conditionally Sold: 6
• Sold: 8
• Average Sale Price: $905,000

Lambton Shores:

• Active Listings: 33
• Conditionally Sold: 4
• Sold: 9
• Average Sale Price: $607,000

Forest:

• Active Listings: 12
• Conditionally Sold: 2
• Sold: 8
• Average Sale Price: $614,000

Petrolia:

• Active Listings: 24
• Conditionally Sold: 4
• Sold: 6
• Average Sale Price: $440,000

St. Clair Township:

• Active Listings: 39
• Conditionally Sold: 7
• Sold: 10
• Average Sale Price: $464,000

Corunna:

• Active Listings: 22
• Conditionally Sold: 5
• Sold: 9
• Average Sale Price: $427,000