London Ontario Real Estate Sales up 33.4% in May 2017

A whopping 1,539 homes were sold in London Ontario in May 2017, an increase of 33.4% over the same period last year as announced by the London and St Thomas Association of REALTORS® (LSTAR) and is the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978*.

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.

As well, 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. I have broken these down when searching for homes in London Ontario on MLS.

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.

House Style Units Sold Average Price
2 storey 408 $484,877
Bungalow 227 $278,216
Ranch 173 $406,440
Townhouse 154 $212,592
High rise apt. condo 106 $232,806

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

May 2017 real estate market London Ontario

Leave a Reply

Your email address will not be published. Required fields are marked *