Real Estate Sales Surpass $500M

Sarnia-Lambton real estate sales have cracked the $500-million mark for the first year in history.

Ten-year record highs have been posted in all but one month of 2017 so far — with volume sales reaching $510-million in November.

Real Estate Board President Steve Park says 169 properties worth $46.5-million sold last month — up 14% over November 2016.

He expects the market to really slow down this month.

“I think what you’ll see in December is maybe a five to ten percent drop, just because of the fact that there will be those people that will just hang on until the new year,” says Park.

MLS listings rebounded 6% for the month of November, but are still down 7% for the year.

There are currently 348 active listings in the MLS system with 193 of those being single family homes, 166 of which were new in November.

The highest number of residential sales was 27 in the $150,000 to $200,000 range.

The average sale price so far this year is $267,000.