London Ontario Real Estate Market Stats - August 2016

Posted by London Ontario Real Estate on Thursday, September 1st, 2016 at 8:22am.

Best August Ever!

Just one short of a thousand homes exchanged hands in August 2016, making last month the best August on record for the London and St. Thomas Association of REALTORS®. "This has been an absolutely outstanding year for real estate in our area," says Stacey Evoy, LSTAR President. "We've seen the best April ever, the best June ever and now the best August ever – all in 2016." 804 detached homes sold last month along with 195 condos. Year-to-Date sales are up 9.1%.

Inventory was down 29.4%. "Supply continues tight and demand high," says Evoy. "If you're thinking of listing your home, consider the fall market."

Sixty two homes sold in St. Thomas in August, slightly short of the total for last August. "You have to bear in mind that last year was the best August for St. Thomas since 2007," cautions Evoy. The average price for a home in St. Thomas Year-to-Date stands at $225,317, up 3.9%.

The best-selling house style in LSTAR's jurisdiction for August 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 Year-to-Date stood at $295,078 up 4.6%, while the average price for a condo over the same period stood at $201,393, up 6.1%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,236, up 4.8%.

House StyleUnits SoldAverage Price
2 storey 239 $384,384
Bungalow 174 $220,079
Ranch 109 $336,907
Townhouse 95 $188,571
High rise apt. condo 40 $170,676

The following table, based on data taken from CREA's National MLS® Report for July 2016 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

CityAverage Sale Price
Vancover $1,042,110
Toronto $723,865
Fraser Valley $660,985
Victoria $572,339
Hamilton $494,949
Calgary $478,327
Edmonton $386,640
Ottawa $367,984
Kitchener-Waterloo $361,993
Montreal $358,891
Saskatoon $343,309
Regina $319,004
Niagara Region $318,969
London St. Thomas $277,660
Canada $478,954

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