August Market Results - Detached Homes slip & Condos Surge

Overall sales were down 3.7% last month, compared with those of the previous August. However, when you look at year-to date we are only down 2% year over year. Condos, however, were up 2.2%. “Condo sales have been slow over the past year or so, with the exception of last month, when they were up 25.4%,” says Doug Pedlar, President of London and St. Thomas Association of REALTORS® (LSTAR). “Obviously that part of the market has been playing catch-up in July and August. That’s good to see. Condos are a significant part of our housing stock and the market is strongest when all of its stock is moving well.” 554 detached homes sold in August 2013, while 142 condos exchanged hands.

The City of St. Thomas’s market slowed a little in August. 54 homes sold in that City, down 15.6% . The average price for a home in St. Thomas Year to Date stands at $196,268.

As for LSTAR’s jurisdiction overall, the average price for a home Year to Date stands at $246,984, an increase of 3.4%. The average price for a detached home over that same period stands at $262,609, up 3.2%, while the average price for a condo stands at $178,536, up 4.2 % from December 31, 2012.The following chart, based on data taken from CREA’s National MLS® Report for July 2013 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

Source: London St Thomas Association of Realtors

Blog Archives