U.S. Air Force photo by Staff Sgt. Teresa J. Cleveland. Labeled for reuse on Google images.

Home sales drop 10 per cent in 2018, as prices continue to rise

An unprecedented $549 million worth of residential real estate sold in Sarnia-Lambton in 2018.

Year-end figures released Thursday show a 2.7 per cent increase in sales volume compared to 2017.

Sarnia-Lambton Real Estate Board President Donna Mathewson said while volume was up, the actual number of sales — at 1,830 — was down almost 10 per cent from the previous year.

“It was a good year dollar wise for real estate,” said Mathewson. “We again saw a historically low number of listings in Lambton County, which drove prices up, so our overall total for 2018 hit about $549 million, which is a really good figure, but yet our number of units sold were down. One is directly related to the other.”

Listings in 2018 were down four per cent compared to 2017.

There were 68 sales last month, off 20 per cent from December 2017, with dollar volume down over 13 per cent at $19.6 million.

The year ended with the average sale price at $307,000, up from $268,000 in 2017.