According to Jim Holody, President of the London and St. Thomas Association of REALTORS® (LSTAR), "Last month's statistics are just more proof that our local market continues to function at a very healthy pace." November 2014 was the seventh consecutive month in which area home sales outstripped those of the previous year:
- in May by 5%
- June by 23.4%
- July by 24.4%
- August by 13.6%
- September by 11.1%
- October by 8.4%
- November by 4.7%
577 homes sold last month, making it the best November since 2010. " Year to date, 8,050 homes have exchanged hands in our jurisdiction," says Holody. "That's 7.4% more transactions than last year at this time." According to research 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. "Homes sales like we've seen over the past seven months are great news for our local economy," adds Holody.
482 detached homes exchanged hands last month, up 5.5%; condos were up 1.1%, with 95 sales. Listings were also up 3.8% for detached homes and 2.3% for condos. Overall inventory was up 5.4%. The market continues to be balanced.
St. Thomas also performed well in November. Fifty nine homes sold in that City last month – 15 more units than the previous November. Year to Date sales in St. Thomas are up 5% overall and the average price of a home in that City Year to Date is $200,726, down a marginal 0.4%.
The average price for all homes in the London and St. Thomas area Year to Date stands at $254,229, up 3.5%.