The local housing market continued strong in May 2015, with total sales up 6.8% over the previous year. "In fact, May 2015 is the best May on record since 2007," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He adds, "We can thank job growth, stable mortgage rates and affordable home prices for what is turning out to be a very robust market in our area." 861 detached homes and 194 condos sold last month, when a total of 1,055 homes exchanged hands.
Listings were down 3.7% and inventory – active listings end of period – were also down 2.7%. "Our supply of listings is still good and we would still characterize our market as balanced," says Vandergoot. "But, if supply continues to tighten up, we might find ourselves moving into a sellers market. My advice to any potential sellers sitting on the fence would be to take advantage of the current situation and list."