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 Condo’s for a total of -4.2% over the previous January. “You have to keep in mind that last January was the 2nd best January Sales since 2007 so this month’s stat’s shows our market is steady” 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 Carpenter. “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% 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.