MARKET WATCH FEBRUARY 2013

Real Estate Corner…

London and St. Thomas Realtors Association

Single Family   (increase year to year)    LSTAR   February 4, 2013

Area

Condo

Bungalow

2-storey

Ranch

Townhouse

Detached

 North increase

$188,370

-4.5%

$215,100

-14.7%

323,360

-6.1%

322,523

-12.3%

173,278

-10.1%

$304,063

-4.5%

South

increase

$139,042

-9.6%

$190,273

--5.4%

363,274

8.6%

331,165

8.6%

145,950

2.9%

$289,307

7.2%

East % increase

$131,165

-21.8%

165,717

-11%

238,039

-12.6%

193,655

-4.6%

$113,611

-7.5%

197,934

-3.2%

BUYERS MARKET     2013 got off to a disappointing start for Sellers, with 438 homes trading hands in January, down 3.5% from the previous January. LSTAR is predicting a fairly flat, but stable market over the next year and these sales figures are pretty much in line with that forecast.  January has never been a great month for real estate. Looking ahead, we have the Spring market and that will give us a better idea of how 2013 will shape up.

New listings were down 3.8%, while inventory – the number of active listings at month end – was also down by 4%.  London’s Sister City of St. Thomas had a good January. Sales were up 5% over the previous year, with 42 homes exchanging hands for an average price of $189,783. The average price for a detached home in LSTAR’s jurisdiction at the end of January 2013 stands at $244,833, down 3.8% compared to December 31, 2012, while the average price for a condo at month end stands at $158,099, down 7.8%. The average price for all housing types at the end of January 2013 stands at $229,586, down 3.9%.

When compared to other comparable communities across Canada, the London CMA remains very affordable compared to other markets across Ontario. 

 

D

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