Solid year for real estate sales
2013 saw 7,905 home sales, down a marginal 1.4% – 115 units – from 2012. 6,442 detached homes exchanged hands last year – down only 1.1% from the previous year – and 1,462 condos – down 3%. "We had a slow start to 2013, but the market stabilized over the course of the year and finished strong," says the 2013 President of the London and St. Thomas Association of REALTORS®.
The month of December 2013 also finished strong – up 8.7% from the previous December. "We need to bear in mind, however, that sales were down last December," advises Pedlar.
Listings for 2013 were up 1.6% and supply – active listings at the end of period – were up 1.4%.
The City of St. Thomas fared well in December 2013, with 34 sales, up ten units from the previous year. A total of 669 homes exchanged hands in St. Thomas in 2013, 13 more units than the previous year. "St. Thomas sales were down last year," explains Pedlar. "When we compare the latest figures to those from the previous five years, it is clear that the market in St. Thomas has stabilized." The average price for a home in St. Thomas in 2013 stands at $201,586, up 5.2% over last year.
The average price of a detached home in 2013 in LSTAR's jurisdiction is $261,051, up 2.6%, while the average price of a condo for the year stands at $178,309, up 4%. The average price of all homes in 2013 in LSTAR's jurisdiction is $245,737, up 2.9 %.