2011 a good real estate year: December ends with a bang!
SARNIA-LAMBTON - Warm weather and historically low interest rates lead to a real estate explosion in December, closing out a strong year in sales in Sarnia Lambton. Says the president of the Sarnia Lambton Real Estate Board.
Sarnia Lambton Real Estate Board President Donna Mathewson says $18 million worth of real estate changed hands in December - a 10 year high.
"I think it's because we just haven't had that weather. I know myself I had clients who were out looking for houses on the 23rd of December," she says. "Typically people get into Christmas mode, into shopping mode and they just put off house buying until after the holidays. This year it was harder for people to get into to Christmas mode because we didn't have snow."
The strongest December in 10 years even surprised Mathewson. I predicted we'd see somewhere between $12 million and $15 million for December of 2011 we actually hit $18 million," she says.
December capped off what was already a good year, Mathewson says. "We had a three percent increase in sales. Even though our sales volume surpassed 2010 by quite a bit ...$18 million more in 2011; it really was a three percent increase in sales, in the number of units we sold," she says. While the number of units is up three percent, the value of that real estate is up nine percent.
"What that means is we sold more higher priced listings this year than we did last year; that's what pumps up our volume."
Realtors sold six homes valued at over a million dollars, one of those in December.
2011 ended with 1,683 homes sold with a value of $328,575,000.
The average price for a home is now $194,774, up from $185,572 in 2010, a trend Mathewson likes to see. "I think it just equates to we have a nice steady growth pattern that we have going."
Published in 'Sarnia this week' Jan 10th, 2012
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