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Home Sales Remain Steady in September, with Year-to-Date Sales Surpassing 9,000 Homes

The London and St Thomas Association of REALTORS® (LSTAR) announced 802 homes exchanged hands last month, marking the third consecutive year that more than 800 homes were sold in the month of September*.

“Home sales are slightly down compared to last September, but we are still on track to achieve a record sales year for 2017,” said Jim Smith, 2017 LSTAR President. “We’re experiencing activity that signifies a more balanced marketplace, and expect a strong finish to the year.”

In September, a total of 646 detached homes were sold, a decrease of 9.8% from the previous year, while condominium sales were up 4.0% from 2016, with 156 units sold. The average sales price across London and St. Thomas was $318,347 slightly down 1.0% from the previous month. The average year-to-date sales price was $328,759, up 17.8% from the 2016 average home price of $279,057.

“The activity echoes what’s happening in many other parts of the country,” Smith said. “According to the Canadian Real Estate Association (CREA), there was a roughly even split of local markets where sales posted a slight decline and others saw a slight increase. I want to stress our region’s marketplace continues to be healthy, and your best source to help you navigate what’s trending is a local REALTOR®.”

In September, there were 1,026 listings, up 3.3% from the same time in 2016. The year-to-date sales are ahead by 13.1%, with a total of 9,219 homes sold.

St. Thomas saw a total of 71 homes sold, up 6.0% from the same time last year. The average home price in St. Thomas was $272,251 slightly up 0.6% from the previous month.

The best-selling house style in September in LSTAR’s jurisdiction continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in September was $337,574 down 1.7% from the previous month, while the average price for a condominium was $238,730 up 2.0% from September 2016.

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “Based on the monthly total for September, that translates into creating approximately 267 jobs and positioning us to potentially generate more than $42 million back into the local economy,” Smith said.

*These statistics represent a data snapshot taken on October 1, 2017, based on reported sales activity between September 1 and 30, 2017

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July 4, 2017

The London and St. Thomas Association of REALTORS® (LSTAR) announced home sales achieved the best results ever for the month of June, since LSTAR began tracking sales data in 1978*. A total of 1,245 homes were sold in June, an increase of 9.9% over the same period last year.

“We’re halfway through the year, and we had the sixth consecutive month of record sales,” said Jim Smith, LSTAR President. “Other regions have started to see a drop in sales, according to the latest figures from the Canadian Real Estate Association (CREA). Although activity has started to slow down in other municipalities, REALTORS® across London and St. Thomas continue to receive interest from outside the region. Our marketplace continues to be very strong, with year-to-date home sales more than 23 percent ahead of 2016.”

In June, a total of 998 detached homes were sold, an increase of 8.6% over the previous year, while there were 247 condominium sales, up 15.4% from 2016. The average sales price across London and St. Thomas was $335,233 – down 2.8% from the previous month. The average year-to-date sales price was $331,524 – up 18.8% from the 2016 average home price of $279,057.

“The summer season is in full swing and we understand contractors throughout the region are in high demand,” Smith said. “Renovation projects may help homeowners to add value to their properties, spurring healthy activity for local small businesses and merchants, contributing further to the economic growth of our communities.”

In June, there were 1,398 listings, up 9.0% from the same time in 2016. The year-to-date sales are outpacing last year by 23.2%, with a total of 6,542 homes sold.

St. Thomas enjoyed strong activity in June as well, with a total of 111 homes sold, up 46.1% from the same time last year. The average home price in St. Thomas was $280,336, up 8.0% from the previous month.

The best-selling house style in June continues to be the two-storey, followed by the bungalow, and ranch. The average price for a detached home in June was $361,560 down 2.8% from the previous month, while the average price for a condominium was $228,860, down 6.4% from the previous month.

According to a research report, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “Based on the record monthly total for June, that translates into creating potentially over 400 jobs and positioning us to potentially generate nearly $66 million back into the local economy,” Smith said. “With month after month of record sales, we continue to be focused on delivering the best service that consumers expect from us. In a dynamic marketplace, a REALTOR® has the knowledge and experience to protect the needs of the consumer and help them manage every step of the real estate process.”

as published by LSTAR

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June 2, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced a total of 1,539 homes were sold in May, an increase of 33.4% over the same period last year. This represents the best results ever for May, and the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978*.

“We’re experiencing a very strong marketplace, with the fifth consecutive month of record sales,” said Jim Smith, LSTAR President. “REALTORS® are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region’s low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27% ahead of 2016.”

In May, a total of 1,209 detached homes were sold, an increase of 28.6% over the previous year, while there were 330 condominium sales, up 54.2% from 2016. The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057.

“We understand the City and local home builders are working closely to bring more permit ready residential lots in the second half of the year, which contributes a tremendous boost to the economy,” Smith said. “The news of high-speed rail is also encouraging, and this may be a huge factor toward a future building boom in home construction.”

In May, there were 1,985 listings, up 15.5% from the same time in 2016. The year-to-date sales are outpacing last year by 27.0%, with a total of 5,307 homes sold.

St. Thomas also had a very healthy May, with a total of 115 homes sold, down 0.9% from the same time last year. The average home price in St. Thomas was $259,491 down 4.0% from the previous month.

The best-selling house style in May continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in May was $372,163 down 0.1% from the previous month, while the average price for a condominium was $244,619 down 1.4% from the previous month.

According to a research report**, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “Based on the historic sales we saw in May, that translates into creating potentially over 500 jobs and positioning us to potentially generate more than $81 million back into the local economy,” Smith said. “With the summer season, many homeowners are looking to add value to their homes through renovating and landscaping projects as well, igniting lots of activity for area merchants and small businesses, helping to further grow the economy.”

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April 3, 2017

The London and St Thomas Association of REALTORS® (LSTAR)

announced another record month for residential sales in March, with a total of 1,242 homes sold, an increase of 44% over the same period last year. This represents the best results ever for March since LSTAR began tracking sales data in 1978.

“We continue to experience a very robust marketplace, with some very strong year-to-date sales as well,” said Jim Smith, LSTAR 2017 President. “After the first quarter of 2017, year-to-date sales are up by 30.4%, compared to 2016. We’ve been telling consumers who are thinking about putting their home on the market that current conditions are very encouraging. You have to go back to 2004, the only other instance when sales surpassed 1,000 homes in March.”

In March, a total of 1,006 detached homes were sold, an increase of 46.9% over the previous year, while there were 236 condominium sales, up 34.9% from 2016. The average sales price was $329,218 – up 6.9% from the previous month. In looking at the first quarter of 2017, the average sales price was $314,847, up 12.8% from the first quarter of 2016.

“March started to see mild, spring-like temperatures in weather, and this could also have been a factor helping the month’s sales,” Smith said. “We continue to see the trend of low supply and high demand, with the number of listings down 7.9% compared to a year ago. Now more than ever is an ideal time to get in touch with a REALTOR®.”

St. Thomas also had a very healthy March, with a total of 108 homes sold, up 44% from the same time last year. The average home price in St. Thomas was $247,455 up 2.2% from the previous month.

The best-selling house style in March continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in March was $355,651 up 8.5% from the previous month, while the average price for a condominium was $216,539 down 8.3% from the previous month.

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “With the March sales, that translates into creating potentially over 400 jobs and setting us up to potentially generate almost $66 million back into the local economy,” Smith said.

Click here to see the original News Release of LSTAR

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As a Buyer, You Don’t Pay The Realtor’s Commission

So many first time buyers wonder, “do you have to pay a real estate agent if you are buying a home?” For some, the thought of having to shell out extra cash when they are already doing all they can to save for their down payment is enough to make them walk away from the entire process before they even get going. Many are surprised to find out that the answer is actually no. A home buyer does not pay their agent, rather the agent earns their commission from the seller side of the transaction.

Need help finding an agent? Connect with Earl Taylor

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5 Ways to Sell Your House Stress-Free

Selling your home can be stressful. Here are 5 ways to stay focused and positive as you sell your house stress-free.

You’ve made the decision to sell your home. You may have been mulling it over for years, or perhaps a sudden life change has prompted you to make the leap. Whether you’re relocating for a job, empty-nest downsizing, or just need a change, you’ve made it past the first hurdle of reaching the decision!

But the many complicated logistics of selling your house may feel overwhelming. Before you get stressed out and change your mind about the whole thing, know that there are some great ways to stay focused and positive as you navigate this important step. Here are some tips to help you sell your house stress-free to make this leap a very positive one.

Be Clear About Your Objectives Up Front

two ladies talking

A lot of communication is required when selling a house, so it’s critical to set a clear set of objectives to yourself and everyone else involved in the process: your real estate agent, your family, and your friends. From the outset, Contact Earl Taylor – Broker, Coldwell Banker at Success Realty. to determine an attainable selling price for your home and set up clear and reliable lines of communication.

Be clear with your family and friends about what they can expect during the process, and what you’ll need from them to help facilitate the situation with as little stress as possible. Determining your goals and expectations and sharing them clearly with those closest to you is a critical step in eliminating undue stress as you maneuver through the process of selling your home.

Stay Flexible

You may have an idea in your head of how long it will take to sell your home. If it begins to take longer than what you expected, the stress will grow. Keep in mind that there are so many variables at play—the location, the price, the market—and you’re setting yourself up for disappointment if you set your mind to a too rigid deadline. An immediate house sale is rare, so it’s best to curb your expectations and stay flexible as the process unfolds.

Keep Things Tidy

bedroom white

You may be required to show your home to potential buyers at a moment’s notice. Maybe they’re in the area and want to pop in to view your home, or perhaps some out-of-towners want to add your house to their list before ending their visit. You won’t be so easily rattled by these last-second requests if you work diligently to keep your house tidy and in order at all times.

Make beds before leaving for work in the morning, never leave dishes in the kitchen sink, and keep up with the laundry and vacuuming. Thoroughly clean the bathrooms every week. If this is overwhelming, consider hiring cleaning help during this transition period. You may want to consider enlisting the help of a willing friend or neighbor who can help with last-minute tidying up if you can’t leave work. Keeping things neat consistently will dramatically reduce your stress level when last-minute showings come up.

Leave the House for Social Activities

Sometimes the pressure of unexpected showings and persistent phone calls can begin to take an emotional toll. To stick a pin in the building stress of selling a home, give yourself permission to get out of the house on occasion.

Go out to dinner with friends. Take a long weekend trip. Go to a museum or sporting event. Think of this time as an investment in your personal well-being, by getting your mind off the house sale for a bit. Getting out of the house can work wonders, especially during the first few weeks your house is listed.

Adopt a Healthy Lifestyle

man stretching

No matter how all-encompassing it may seem, selling a house is never more than one piece of the large pie of life. Don’t forsake your other needs and demands while navigating the process of selling a home. Maintain a healthy lifestyle throughout the process by eating healthy meals and getting plenty of exercise and sleep.

If you plan to move out of town, you may not be inclined to get a gym membership or join a yoga class. But you can still walk for a half hour every day or take the kids to a park where you can blow off some steam together.

Getting the appropriate nutrition is a natural way to help your body fight stress. Drink more water, pass on the fried foods, and get more hours of sleep than normal. You’ll thank yourself for the extra effort.

Selling your house can be stressful, but if you set realistic expectations and come to terms with the certainty of uncertainty for the time being, you’ll make it through with a smile.

If you need help selling your home, Contact Earl Taylor – Broker, Coldwell Banker at Success Realty. today.

Sharon Lee Digital Content Specialist for Coldwell Banker Real Estate, LLCtteinstthomas.caea

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March 1, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced residential sales achieved its best February results ever, since LSTAR began tracking sales data in 1978. A total of 763 homes were sold in February, an increase of 17% over the same period last year.

“We experienced another strong month, with year-to-date sales also up by 19.5%” said Jim Smith, LSTAR 2017 President. “Again, we’re observing this trend of low supply and high demand, with February having a 9.8% decrease in the number of available listings, compared to this time last year. For those considering of putting their home on the market, the current conditions are very encouraging.”

In February, a total of 597 detached homes were sold, an increase of 15% over the previous year, while there were 166 condominium sales, up 24.8% from 2016. The average sales price was $307,831 up 7.9% from the previous month.

“Overall, we experienced a mild February in terms of weather, which also played in factor in helping the strong performance throughout the month,” Smith said. “And we continue to see robust activity in the condominium market, with a quarter more units sold.”

St. Thomas also had a very healthy February, with a total of 69 homes sold, up 25.5% from the same time last year. The average home price in St. Thomas was $242,028, up 25.7% from the previous month.

House Style Units Sold Average Price
2 storey 158 $436,333
Bungalow 70 $229,471
Ranch 53 $372,968
Townhouse 64 $206,166
High rise apt. condo 44 $193,576

The best-selling house style in February continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in February was $327,754, up 4.4% from the previous month, while the average price for a condominium was $236,180, up 19.8% from the previous month.

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for January 2017 (the latest statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

City Average Sale Price
Vancouver $851,384
Toronto $803,455
Fraser Valley $643,331
Victoria $611,362
Hamilton $522,978
Calgary $466,984
Kitchener-Waterloo $421,151
Ottawa $389,875
Edmonton $360,199
Niagara $346,059
Saskatoon $335,812
London St. Thomas $292,291
Canada $484,306

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “Real estate continues to be a huge driver to the local economy,” Smith said. “With the February sales, that translates into creating potentially over 250 jobs and putting us in a position to potentially generate around $40 million back into the local economy.”

For Comment: Jim Smith, 519-433-4331 , For Background: John Geha, 519-641-1400

 

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