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."