More homes on the Lambton market in March for lower prices

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More signs in March of a cooling real estate market in Lambton.

The Sarnia Lambton Real Estate Board has released its March statistics which show a 20 per cent drop in single family home sales compared to the same month last year.

And the price of single family homes continues to decrease. The average price for a home is now $503,486 in 2023. That’s down 11 per cent from the same time last year.

And while the price of housing continues to inch down, it’s still much higher than it was five years ago – according to the real estate board, the average home price is 126 per cent higher than 2016.

The statistics show there are more homes on the market than last year – 295 so for this year – and they’re selling just below list price at about 97 per cent of the asking price. In 2022, most were selling about 14 per cent above asking price.

Most homes are on the market for 22 days now. That compares with just eight last year at this time.