1,245 homes were sold in June 2017 in London Ontario and area, an increase of 9.9% over June 2016 which was the best June ever, as reported by the London and St. Thomas Association of REALTORS® (LSTAR).
Overall, 2017 home sales are up 23.2% over last year in the London Ontario area!
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 areas, Realtors® across London and St. Thomas continue to receive interest from outside the region, especially the GTA.
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.
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 London Ontario 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.
|House Style||Units Sold||Average Price|
|High rise apartment condo||71||$228,014|
I see a slight change in the market after seeing some listings being on the market longer, less multiple offers and as one associate commented, ‘the feeding frenzy is over’
I am also seeing houses being on the market longer because of the following:
- Overpriced properties (Greed or poor information?)
- Some sellers and their Realtor think they can plop a sign on the lawn and it will sell. That may have been the case for a few months, but now, the Realtor with marketing skills and experience will experience far better results.
- More inventory ( more homes for sale)
- The banks are tightening their belts
The following chart is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for May 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.