Accelerated growth continues in real estate market

Sarnia-Lambton Real Estate Board office of Exmouth Street. November 7, 2019. (BlackburnNews.com photo by Colin Gowdy)

Sarnia-Lambton’s real estate market continued on its path of accelerated growth in January, after sales hit an unprecedented $608 million in 2019.

Real Estate Board President Donna Mathewson said 111 properties sold with a dollar volume of $36 million — a nine per cent increase over the same month last year.

“Basically we’ve been increasing at a rate of about nine to ten per cent, per year, as far as total volume sales, that $36 million dollar number,” said Mathewson. “We’ve been increasing nine to ten per cent 2019 over 2018, and 2018 over 2017, so that’s a normal increase for this year.”

Mathewson says there were 84 sales between $200,000 and $500,000.

“Typically our highest price range all through 2019 was $200,000 to $300,000,” said Mathewson. “We’re seeing that $300,000 to $400,000 and $400,000 to $500,000 pick up a little bit more. The $400,000 to $500,000 (range) will be more of your new home sales that are in the outlying areas outside of Sarnia.”

The month’s listings jumped 6.75 per cent over last year.

“We would love to see more listings on the market. That makes a more balanced market for everybody, which is what we would prefer. We were up for January, lets see if we go up in February and March and we’ll be able to call it a trend.”

The average sale price so far this year is $347,000, compared to $300,000 in 2019.