Local real estate market’s pandemic recovery continues

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

Sarnia-Lambton real estate sales continue to rebound after being restricted to essential transactions only in the spring when the pandemic hit.

Real Estate Board President Donna Mathewson said for the second month in a row, volume sales in July hit an all-time high at nearly $88.8 million, $26 million more than July 2019.

She said some sales in the higher price range helped push the numbers up.

“In the residential area we had 31 sales that were over $600,000, once again similar to last month, that’s a lot of high-end homes that are selling in one month,” said Mathewson. “We do still think that this is some carryover from us not having as many sales in April and May.”

Mathewson said two farms sold.

“We had just under $2 million in farms sell, which does attribute to our overall total. For commercial buildings, we had $3.2 million in sales that was the equivalent of four sales in the commercial sector. Vacant land, we had just under $1.5 million and that was five different sales in the vacant land sector.”

She said there were only 18 sales under $200,000, a category usually driven by first time home buyers.

Mathewson said while they sold a lot more, overall listings were down over 30 per cent in July compared to 2019.

“We still have an extremely low supply. If you look at our total listings for the month, we sat at 230 listings, versus 331 in 2019. So, overall listings were down 30 per cent, but yet, the number of units sat at 214 for the amount of houses sold, compared to 185 in 2019.”

The average residential sale price so far this year is $380,736, up 13 per cent compared to last year at this time.

The previous record for monthly sales was $80 million set in June.