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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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Real Estate market remains strong in St Thomas

March 2013 came in and went out like a lion but St. Thomas weathered the storms of March much better than London. In St Thomas, 50 homes sold in March 2013, the same number as last March. This follows a brisk start to the year with sales up 5% in January 2013 and up 38.9% in February over the same months of 2012.
Year-to-Date sales are up 12.8% in St. Thomas, while the average price for a home Year-to-Date stands at $198,548, up 3.6% from the year before.
Active listings for March are down 1.7% over March 2012 and down only 3.8% Year-to-Date over last year.

The Spring Market was off to a slow start in London in March with 612 home sales, down 20.5% over 2012. New listings were also down 9.4% overall, while inventory – the number of active listings at the end of the month, were down 7.2%.

Compliments of Earl Taylor- Broker
Coldwell Banker at Success Realty

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