The local real estate market experienced a significant boost in the number of homes listed for sale in July.
There were 333 new listings last month, an increase of 16.8 per cent compared to July 2024, when there were 285 new listings.
Sarnia-Lambton Association of Realtors President Jeremy Guerette said June also saw a number of new listings at 342.
"So that's given us a pretty healthy inventory, which I think is good for buyers. There are lots of options out there, and so it is competitive as a seller," he said. "I think overall, it has hit a balanced market, but probably at the low end of a balanced market."
By the end of the month, there were 671 active listings, representing 4.6 months of inventory.
"I'm thinking sellers are maybe just trying to take advantage of the opportunity that there are actually buyers on the market now," Guerette said.
Sales were up slightly in July compared to the same time last year, as 146 homes changed hands.
The dollar volume for the month was $81.3 million, which is an increase of 12.9 per cent compared to July 2024.
"I think maybe there's some more higher-end homes selling as well, so that's probably helping that average and dollar volume get up," Guerette said.
The year-to-date average sales price was $541,123.
Overall, Guerette described July as a pretty steady month.
"I think we're holding our own very well considering everything that's going on in the economy," he said. "Would like to see some interest rate relief, but as of now, it doesn't look like that's going to happen."
Listings spent about 21 days on the market in July.
