Market Holds Steady
455 homes exchanged hands in the first month of 2016; this represented only -0.8% less for Detached and down -17.9% for Condos, for a total of -4.2% over the previous January. "You have to keep in mind that last January was the second best January Sales since 2007, so this month's stats show our market is steady" says Stacey Evoy, 2016 President of the London and St. Thomas Association of REALTORS®.
1,053 properties were listed in January, down 11.6%, and Active Listings End of Period – or inventory – was also down 16.0%. "Our market continues to be balanced," says Evoy. "However, if you're thinking of selling, it might be an idea to list ahead of the spring rush."
January was a slow month for real estate in St. Thomas, with sales totaling 23. The average price of a home in St. Thomas so far in 2016 stands at $197,792, down 5.7%.
The best-selling house style in LSTAR's jurisdiction for January 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high-rise apartment condos. The average price for a detached home in January 2016 stood at $286,308 - up 2.2%, while the average price for a condo over the same period stood at $189,033 - down 1.5%. The average price of all homes sold through LSTAR's MLS® in January stood at $269,633 - up 3.4%.
|House Style||Units Sold||Average Price|
|High rise apt. condo||31||$175,900|
The following table, based on data taken from CREA's National MLS® Report for December 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
|City||Average Sale Price|
|London - St. Thomas||$286,308 (Average price in Januaryi)|
According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Evoy. "Here, at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."
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