Sales & Listings in Sarnia-Lambton for 2022 So Far
Updated: Mar 25, 2022
The amount of sales and listings to far, through the MLS system, has been significantly lower than last year. The main reason for this is an unfortunate housing shortage that has affected a variety of markets in a variety of areas. In February this year, 122 homes were sold in 2022, which is 21.3% less than last year (CREA, 2022, para. 1). For listings, there was 133, which is 13.6% less than last year (CREA, 2022, para. 8).
Figure 1: Amount of Residential Sales for Sarnia-Lambton (CREA, 2022, Picture 1)
The shortage of homes available lowered the amount of homes buyers could select from, which impacted the amount of sales that could have been made. Lower amounts of sales, like in February, create tight market conditions that favour sellers and give them an advantage creating a listing price to help get the best value for their home. Once the spring market takes full effect, it is possible that the rising house price pressure will continue and house prices will increase (CREA, 2022, para. 4). The average home in February this year was sold for about $589,154, while last February was $569,590 (CREA, 2022, para. 5,6).
To conclude with listing information, the amount of new listings in February for 2022 was 3.5% lower than the 5 year average and 13.6% lower than the 10 year average. At the end of February, there was 64 active listings on the market for Sarnia and Lambton, which was 46.2% lower than February 2021 (CREA, 2022, para. 9,10). The real estate market is a very interesting one with all types of crazy trends. The pattern seems to be lowering now, but it is still too early to tell. Once we enter and get into the spring time, it will give us a much clearer picture to analyze and predict the rest of 2022.
Figure 2: Average Residential House Price for Sarnia-Lambton (CREA, 2022, Picture 5)