The president of the Sarnia-Lambton Association of Realtors says the local real estate market showed some positive signs in April, possibly due to the time of year and stable interest rates.
Jeremy Guerette said sales and the dollar volume were both up last month.
There were 171 sales in April, an increase of nearly five per cent compared to the same time last year, bringing the dollar volume up to $94.2 million for the month.
The jump in sales is also evident compared to the last two months, as 120 homes were sold in March and only 95 sales were recorded in February.
Guerette said the spring may have contributed to the increase in sales.
"Maybe that had a big factor in it. It was a late spring so maybe [there was] some pent-up demand. Once the weather got better, we started to see some more activity," he said. "Also, with the interest rates being down, maybe things are just starting to settle down with inflation, that's probably brought some confidence back into the market too."
There's also the potential for stability and confidence in the market now that the federal election is over, Guerette noted.
However, there are still concerns about how tariffs may impact interest rates. Guerette said the recent meeting between Prime Minister Mark Carney and U.S. President Donald Trump on May 6 may indicate a possibility of salvaging the relationship between the two countries.
"If so, then hopefully that will mean good signs for the market," he said.
The number of new listings also saw an increase in April, with 326 homes put on the market -- an increase of 5.2 per cent compared to April 2024. The sales to new listings ratio also remains fairly balanced at 52.5 per cent.
"I would expect to see that trend as the spring continues," Guerette said. "May and June will probably see increased listings but also increased sales. As long as the sales go with the new listings, then we'll be fine."
There were 604 active listings last month, representing about 3.5 months worth of inventory.
Year to date, the median price of homes sold in April was $476,600, and homes spent about 26 days on the market.