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

Home Sales in London Ontario Continues to Set Records

Real Estate in London Ontario and area set a new record in February 2017 with a total of 763 homes being sold, an increase of 17% over the same period last year.

London Ontario Real Estate Sales Are Up Again

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.

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 the London Ontario are continues to be the two-storey, followed by bungalows and ranches. 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

What does all this mean?

As you can see, our average home price in the chart above is the lowest so value is here, plus, with a shortage of homes on the market for sale and more buyers than sellers, short supply historically causes prices to rise.

London Ontario & Area Homes Sets Another Record in Sales

722 London Ontario & area homes sold in November 2016 which was up 15.3% over November 2015 in our local MLS real estate board, London and St. Thomas Association of Realtors® (LSTAR).

LSTAR

2016 continues to break records, with April, June, August, September, October, and now November as new highs in sales. Year to date, sales are up 9.8%.

Listings (properties listed for sale through MLS) were down 12.5% in November, while inventory – as represented by the number of active listings at month end – was down 36.6%.  As you can see, high demand, low supply means this is a seller’s market and if you were ever thinking of selling your house or condo, you may want to take advantage of this vibrant market.

Two-storey houses led the way in popularity, then bungalows, followed by ranches, then townhouse condominiums and finally high rise apartment condos. The average price for a detached home in London Ontario is now $296,943, up 5.2%, while the average price for a condo over the same period is $200,804, up 5.8%.

The average price of all homes sold through LSTAR’s MLS® Year-to-Date stood at $278,758, up 5.4%.

House Style Units Sold Average Price
2 storey 171 $386,434
Bungalow 144 $258,237
Ranch 69 $342,967
Townhouse 67 $179,935
High rise apt. condo 35 $156,184

The following table, based on data taken from the Canadian Real Estate Association (CREA’s National MLS® Report) for October 2016 (the latest information available), shows how homes in our area continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancouver $910,264
Toronto $758,123
Fraser Valley $628,371
Victoria $596,649
Hamilton $530,892
Calgary $464,113
Kitchener-Waterloo $387,198
Edmonton $372,603
Ottawa $367,637
Montreal $365,543
Niagara $342,361
Saskatoon $334,488
London St. Thomas $297,840
Canada $476,099

 

London Ontario Real Estate is Hot!

The London Ontario Real Estate Market is doing real well with 825 homes in London Ontario & area sold in October 2016, which was 18.7% over October 2015, making it the best October for our London and St Thomas Association of REALTORS® (LSTAR).

london Ontario Real Estate Market

2016 continues to break records with Year to Date sales up 9.3%. Listings (homes put on the market for sale in October) were down 12.3%, while inventory (homes for sale) was down 33.8%, making this a seller’s market!

A Google definition of a Seller’s Market is: an economic situation in which goods or shares are scarce and sellers can keep prices high.

The best-selling house style in LSTAR’s jurisdiction for October 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

The average price for a detached home Year-to-Date stood at $296,445, up 5%, while the average price for a condo over the same period stood at $201,270, up 6%. The average price of all homes sold through LSTAR’s MLS® Year-to-Date stood at $278,471, up 5.3%.

What does all of this mean?

If you have been thinking about selling your house or condo, now is a great time as there is a shortage of good listings on the market and if a Realtor prices your home correctly, your home should sell for full price and within days!

If you are buying a home in London Ontario, do not dawdle! Be prepared with neighbourhood prices, be pre-approved and try not to get caught up in all the hype and overpay!

House Style Units Sold Average Price
2 storey 198 $370,303
Bungalow 155 $235,189
Ranch 96 $367,881
Townhouse 69 $169,031
High rise apt. condo 34 $155,665

London Ontario & area affordability compared to other major Ontario and Canadian centres.

City Average Sale Price
Vancouver $906,469
Toronto $753,057
Fraser Valley $613,309
Victoria $585,889
Hamilton $514,681
Calgary $479,381
Kitchener-Waterloo $383,141
Edmonton $376,580
Montreal $370,812
Ottawa $362,035
Niagara $351,859
Saskatoon $350,368
Regina $316,713
Halifax-Dartmouth $312,684
London St. Thomas $287,175
Canada $476,219

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