Sarnia Lambton Real Estate Board office of Exmouth Street. (BlackburnNews photo)

Spike in listings welcomed by real estate board

The Sarnia Lambton Real Estate Board is encouraged by a 34 per cent jump in listings last month.

There were 328 in July, up from 245 during the same month last year.

Board President Donna Mathewson says if the trend continues, it will help create a more balanced market.

“Real estate is always cyclical and it seems to have a way of turning around and working itself out,” said Mathewson. “We’ve been experiencing a sellers market now for quite some time, a healthy market is one where we have a balanced supply and demand. Hopefully with the increase in listings, if that continues, we’ll have to see in the next couple of months if that’s a trend or not, then it would help to create that more balanced market.”

185 properties sold last month, worth nearly $63 million, a record for July.

“This month showed an increase in sales over $500,000, seven sales over the $750,000 mark and three over $1 million.”

She said summer is a great time to sell properties along the water and new, larger homes are being built.

The average sale price so far this year is $335,394, compared to $310,000 last year.