Volume real estate sales close to one billion in 2021

© Can Stock Photo / Elenathewise

Sarnia-Lambton’s real estate sales volume came close to one billion dollars in 2021.

Year-end figures released last week stated that sales volume reached $959 million by the end of December, a 35.6 per cent increase over 2020.

Real Estate Board President Rob Longo said the total number of properties sold in 2021 was up 9.3 per cent, at 1,935, compared to the year before.

“2021 ended another strong year for Sarnia-Lambton real estate,” said Longo. “We had two strong years in a row. The median price ended at about $440,000 for 2021, which is about 25 per cent higher than the year before. So, good, strong, continued growth on the average price points.”

Longo said homes, on average, sold for 107 per cent of their asking price, in about eight days on the market.

“Sales activity was up slightly, in terms of the number of transactions, but obviously the dollar volume because of those price increases, was up significantly year-over-year.”

Longo said although dollar volume was up 30 per cent in December, at $51 million, sales activity was fairly flat.

“People obviously are busy with Christmas and the weather starts to turn. So, we were up about four per cent in terms of the number of sales over last December. So, overall fairly consistent. The number of active listings however, December-over-December, was down almost 46 per cent. So, a significant drop again in the number of listings that are on the market.”

Longo believes 2022 will be another strong year.

“(There was) about a 25 per cent price increase last year. We’re thinking it’s going to be tracking about the same or maybe slightly lower than that, in the 15 to 20 per cent range, for 2022. We expect another strong year for our local home sellers for sure.”