The total value of real estate sales in Sarnia-Lambton this year is expected to pass $700 million for the first time ever.
Real Estate Board President Donna Mathewson thinks it's remarkable, especially since sales were heavily restricted for a few months at the beginning of the pandemic.
Sarnia-Lambton Real Estate Board President Donna Mathewson. (File photo.)
"We really, honestly, didn't know what it would look like coming out of the other side of that initial lockdown, but people I think have decided that they want to put down roots," said Mathewson. "They want to put down roots, they want to stay in the area, it's time to buckle down and get a home and as well, the interest rates are so incredibly low, when we can get five-year rates that are less than two per cent, it makes it very affordable, versus renting possibly."
By the end of November, volume sales for the year reached almost $690 million, compared to $609 million in all of 2019.
Mathewson said sale price increases have certainly factored in.
"In some key areas, we're definitely seeing more of an increase than in others. That $250 (thousand), all the way up to about $450 (thousand), is extremely popular. Our first-time homebuyers now, obviously, can get approved for more, so some of them can look up to $300,000 for a home at a less than two per cent interest rate and even the buyers who are moving up also, up to that $450(000) range."
Mathewson said increases have also been pushed up by home sales over $900,000.
Both the average sale price at $402,000 and the median sale price at $355,000 have increased 20 per cent this year.
A total of 167 properties worth $65.8 million sold last month, compared to 132 in November 2019, an increase of 26 per cent.
The number of sales through the first 11 months of the year is only about four per cent higher compared to the same time last year -- 1,789 in 2020, compared to 1722 in 2019.
The number of listings was down almost 10 per cent through the end of November, there were 2,223 this year and 2,460 last year.
