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London-St. Thomas market continues at a healthy pace

Handing Over the House Keys in Front of Sold New Home Against a Blue Sky

September 1, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced that home sales in the London-St. Thomas area continued at a healthy pace in August, with 892 homes exchanging hands. “Compared to August 2016, which holds an unprecedented record, the August 2017 numbers represent a slight decrease in homes sales activity. However, if you look at the historical data, last month turns out to be the best August for our REALTOR® Members since 2005,” said Jim Smith, 2017 LSTAR President. “Overall, 2017 remains an incredible year for real estate across London and St. Thomas and we expect sales activity to stay fairly strong for the remainder of 2017.”

In August, a total of 712 detached homes were sold, a decrease of 11.4% from the previous year, while condominium sales were down only 7.7% from 2016, with 180 units sold. The average sales price across London and St. Thomas was $326,122, down 1.4% from the previous month. The average year-to-date sales price was $329,745 – up 18.2% from the 2016 average home price of $279,057.

“With real estate impacting so many areas of our community, such as contractors, trades, home stores and small businesses, it plays a significant role to building the local economy,” Smith said. “LSTAR REALTORS® are passionate about delivering the best experience to consumers and I want to stress it’s a great time to get in touch with a REALTOR® who can support all your real estate needs in this robust marketplace.”

In August, there were 1,157 listings, down 9.3% from the same time in 2016. The year-to-date sales are ahead by 15.5%, with a total of 8,421 homes sold. St. Thomas saw a total of 63 homes sold, up 1.6% from the same time last year. The average home price in St. Thomas was $270,738, up 1.4% from the previous month.

The best-selling house style in August in LSTAR’s jurisdiction continues to be the two-storey, followed by the bungalow. “Interestingly, last month the number of sold units was the same for ranches and townhouse condominiums, which might reflect a shift in the area’s inhabitants’ lifestyles choices,” Smith observed.

 

The average price for a detached home in August was $343,541, down 1.9% from the previous month, while the average price for a condominium was $233,965, down 0.2% from the previous month.

 

To read the article in full visit www.lstar.ca

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A Strong Finish for July Home Sales

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August 1, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced 1,002 homes were sold in July, the best July monthly total in 10 years and an increase of 1.2% over the same period last year. July 2007 holds the all-time July monthly record with 1,009 sales, since LSTAR began tracking sales data in 1978*.

 

“This is an amazing year for real estate in our region. Although shy of the best July ever by a handful of units, home sales are still performing strongly, with year-to-date sales outpacing 2016 by almost 20 percent,” said Jim Smith, LSTAR President. “We are still seeing transactions involving out-of-town agents, but not at the levels we experienced in the spring. The activity is signifying we may be heading toward a more balanced marketplace. In the dog days of summer, we traditionally experience a quieter market, but that’s not the case this year. Now’s the time to get in touch with a REALTOR® to take advantage of this robust market.”

In July, a total of 793 detached homes were sold, a decrease of 1.7% from the previous year, while condominium sales were up 14.2% from 2016, with 209 units sold. The average sales price across London and St. Thomas was $326,122 down 2.7% from the previous month. The average year-to-date sales price was $330,718 up 18.5% from the 2016 average home price of $279,057.

“The greater real estate community is contributing to the steady growth of our local economy,” Smith said. “The City of London just reported that it has issued more building permits compared to last year at this time, another sign of how strong our marketplace is.”

In July, there were 1,449 listings, up 15% from the same time in 2016. The year-to-date sales are ahead by 19.7%, with a total of 7,535 homes sold. St. Thomas saw a total of 85 homes sold, down 12.4% from the same time last year. The average home price in St. Thomas was $267,106 down 4.7% from the previous month.

The best-selling house style in July continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in July was $350,288 down 3.1% from the previous month, while the average price for a condominium was $234,431 up 2.4% from the previous month.

To read the article in full visit: www.lstar.ca

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Home Prices in London Continuing to Rise, Royal LePage Survey Says

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July 13, 2017

A new house price survey shows home price increases continued in the London real estate market during the second quarter of the year.

The aggregate price of a home in the London market rose 11.6 per cent to $320,824 in the quarter, according to the survey from Royal LePage released on Thursday. Looking specifically at two-storey homes and bungalows, home prices increased 12.6 per cent to $353,832 and 10.7 per cent to $265,796, respectively.

“In June, we still saw, in London, 71 per cent of the homes that sold in June, sold for asking price or higher,” Meyer said. “We’re still in a very active marketplace, but we’re down a little bit from the frenzy that we saw at the end of April and the beginning of May.”

According to the survey, southern Ontario saw the highest home price increases in the country due to strong housing demand resulting. Employment in the province rose 1.1 per cent over the twelve months ended in June, while unemployment was 6.4 per cent within the same month, the survey said.

Meyer said more record sales are being forecast in the London market.

“When I say record sales I think we’re going to be selling more homes each month for the remainder of this year, compared to what we sold last year, which at that point in time we were having record months as well,” he said.

“It’s just simply a matter of the demand for people wanting to live in the London marketplace and surrounding areas.”

Elsewhere in the province, the survey found home price increases of 17.7 per cent in Niagara/St. Catharines, 20.7 per cent in Kitchener/Waterloo/Cambridge, and 15.9 per cent in Windsor.

“We certainly are still at a much higher pace of sales than what we have seen over the last number of years,” Meyer said. “It’s still a very good market for people to be looking at selling or buying in, so take advantage of the market that’s there.”

Nationally, the price of a home in Canada rose 13.8 per cent year-over-year in the second quarter to $609,411.

 

Article courtesy of www.globalnews.ca

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Home Sales Hit Another Record in June

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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.

 

To read this article in full, visit www.lstar.ca

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Home Sales Soar to New Record in May

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1,539 homes were sold in May in LSTAR’s jurisdiction, 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.

To read the article in full visit: www.lstar.ca

 

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Royal LePage Triland Realty National Garage Sale for Shelter

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On Saturday, May 13th, Royal LePage Triland Realty will host Royal LePage Triland Realty’s National Garage Sale For Shelter in support of the Royal LePage Shelter Foundation in both London and St. Thomas.

This event will bring the community together to raise much-needed funds and awareness to help break the cycle of family violence. This event was a huge success last year and raised approximately $11,000 with proceeds going to local womens shelters. Proceeds will be directed to Women’s Community House in London and Violence Against Women Services Elgin County in St. Thomas.

Spring Clean and Donate for a Cause!

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Home Sales Achieve Another Monthly Record in April

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The London and St Thomas Association of REALTORS® (LSTAR) announced another record month for residential sales in April, with a total of 1,220 homes sold, an increase of 14.2% over the same period last year. This represents the best results ever for April, since LSTAR began tracking sales data in 1978.

“Since the beginning of the year, every month has achieved record sales. After the first four months, we’re about 25 percent ahead in home sales compared to 2016,” said Jim Smith, LSTAR President. “It just shows how desirable the region is, when you consider affordability, accessibility and lifestyle. London and St. Thomas have so many features that make them attractive destinations to live, work, raise families and retire. We’ve got farm-to-table restaurants, London Knights hockey, big-name concerts and culture, such as the North American Railway Hall of Fame and the Grand Theatre.”

In April, a total of 971 detached homes were sold, an increase of 11.7% over the previous year, while there were 249 condominium sales, up 25.1% from 2016. The average sales price was $347,062 up 5.4% from the previous month. The average year-to-date sales price was $325,286 up 16.6% from 2016 average home price of $279,057.

“With this robust marketplace, it’s a fantastic time to get in touch with a REALTOR®,” Smith said. “With an increase in multiple offer situations, interest from outside of London and St. Thomas, and the regulatory requirements, a REALTOR® can help you manage the process every step of the way.”

St. Thomas also had a very healthy April, with a total of 97 homes sold, up 12.8% from the same time last year. The average home price in St. Thomas was $270,439 up 9.3% from the previous month.

 

To read the article in full visit: www.lstar.ca