summer finishes strong

642 detached homes exchanged hands last month, up 15.9%; condos were up 4.9%, with 149 sales. By contrast, listings for August were down – 3.8% for detached homes and 10.4% for condos. "The improving job picture in our region supports a higher level of activity," says Holody. "That, in turn, impacts inventory. However, there are still a lot of great homes out there and more being listed every day." Despite the slight decline in the number of listings, the market remains balanced, benefiting buyers and sellers alike.

The news for St. Thomas was also good. 68 homes sold in that City last month – an increase of 14 units or 25.9% over the previous August. "This makes August 2014 the best August for St. Thomas since 2009 when 75 homes sold," says Holody. Year to Date sales in St. Thomas are up 0.6% overall and the average price of a home in that City Year to Date is $202,122, up 0.3%.

The average price for a home in LSTAR's jurisdiction (Elgin and Middlesex Counties) Year to Date was up 3.8% for detached homes ($271,033) and 2.1% for condos ($182,111). The average price for all homes in the London and St. Thomas area Year to Date stands at $253,823, up 3.3%.

The following table, based on data taken from CREA's National MLS® Report for July 2014 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

The best-selling house style in LSTAR's jurisdiction for August 2014 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. 

House StyleUnits SoldAverage Price
2 storey 189 $347,378
Bungalow 122 $200,599
Ranch 98 $328,744
Townhouse 71 $150,313
High rise apt. condo 32 $159,392

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