Friday, September 8, 2017

London-St. Thomas Market Continues at a Healthy Pace



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."

"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."

Thursday, September 7, 2017

Getting Top Dollar for your Seller: 5 Best Places to Renovate

Where do you get your best return on your investment when renovating or updating. Here are the 5 best to get the best bang for your buck, according to a recent Pillar to Post ad.

1) Flooring... remove outdated carpets and replace with laminates, hardwood or ceramic tiles. Non carpeted flooring is more positive, easier to clean and helps with allergies.

2) Fixtures and Hardware... Items such as door knobs, handles on doors and closets, entrance doors, bathroom and lighting fixtures and light switches. These are easy to replace and fairly inexpensive.

3)Bathrooms.... Without a doubt any money you spend on upgrading a bathroom will be worth the effort. Like new tile and grout for floors and showers, faucets and hardware, paint and cabinets.

4)Kitchen... This is the most valuable room in the house and if you can only do one room this is the one! Like new faucets, cabinet door hardware, upgrade to new appliances, new lighting, backsplash to help jazz up the appearance and cabinets if needed.

5)Add an Income Suite.... Depending on the location, income suites could add 150% of equity into the home. You would receive extra income and help pay off the mortgage.

Monday, July 10, 2017

June Sales Soar Again


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."

Thursday, June 15, 2017

Home Sales Soar to a New Record in May

The London and St. Thomas Association of REALTORS® (LSTAR) announced a total of 1,539 homes were sold in May, 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.

Tuesday, May 9, 2017

Home Sales Achieve Another Monthly Record in April

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.
 
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."

Wednesday, April 26, 2017

Ontario home sales post record March




Unit Sales
Residential sales activity reported through the MLS® Systems of real estate Boards and Associations in Ontario numbered 25,062 units in March 2017, up 20.8% from a year earlier.

Newly Listed Units
New listings on the MLS® Systems of real estate boards in Ontario numbered 35,539 units in March 2017, an increase of 4.9% from a year earlier.


Average House Price
The provincial average price for homes sold in March 2017 was a record $672,584 rising 29.5% from a year earlier.

Tuesday, April 4, 2017

March Sales were great for the London & St. Thomas Association of Realtors


The London and St Thomas Association of REALTORS® (LSTAR) announced another record month for residential sales in March, with a total of 1,242 homes sold, an increase of 44% over the same period last year. This represents the best results ever for March since LSTAR began tracking sales data in 1978.

"We continue to experience a very robust marketplace, with some very strong year-to-date sales as well," said Jim Smith, LSTAR 2017 President. "After the first quarter of 2017, year-to-date sales are up by 30.4%, compared to 2016. We've been telling consumers who are thinking about putting their home on the market that current conditions are very encouraging. You have to go back to 2004, the only other instance when sales surpassed 1,000 homes in March."

In March, a total of 1,006 detached homes were sold, an increase of 46.9% over the previous year, while there were 236 condominium sales, up 34.9% from 2016. The average sales price was $329,218 - up 6.9% from the previous month. In looking at the first quarter of 2017, the average sales price was $314,847, up 12.8% from the first quarter of 2016.

"March started to see mild, spring-like temperatures in weather, and this could also have been a factor helping the month's sales," Smith said. "We continue to see the trend of low supply and high demand, with the number of listings down 7.9% compared to a year ago. Now more than ever is an ideal time to get in touch with a REALTOR®."