London Ontario Real Estate Market Stats - June 2016

Posted by London Ontario Real Estate on Friday, July 1st, 2016 at 8:54am.

Best June Ever!

In June 2016 a total of 1,133 homes exchanged hands. That makes last month the best June on record. "Not only are we on a roll, we are on a streak – a winning streak," says Stacey Evoy, President of the London and St Thomas Association of REALTORS® (LSTAR). "April 2016 was the best April ever. May 2016 lost out to May 2007 – the best month in the history of LSTAR – by only 7 units, and June was the best June ever." Sales were up Year-to-Date by 8.6%.

1,612 homes were listed last month, down 9.2%, and Active Listings End of Period – or inventory – was down a significant 24%. "We are still waiting for CMHC to make the final deliberation, but, from where we stand, it sure looks we're starting to move from a balanced market into a seller's market," says Evoy. "Given how tight supply is, if you were thinking of listing your home, now might be a good time to do just that."

Seventy six homes exchanged hands in the City of St. Thomas, down 10.6% from the previous year; Year-to-Date, sales for London's Sister City are up 5.4%. As was the case in London, both listings and inventory were down, 30.5% and 33.3% respectively. The average price of a home in St. Thomas so far in 2016 stands at $232,853, up 1.1%.

House StyleUnits SoldAverage Price
2 storey 296 $382,440
Bungalow 191 $233,326
Ranch 121 $331,274
Townhouse 101 $175,916
High rise apt. condo 45 $160,923

The best-selling house style in LSTAR's jurisdiction for June 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 $295,365 up 4.7%, while the average price for a condo over the same period stood at $199,465, up 5.1%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,084, up 4.8%.

The following table, based on data taken from CREA's National MLS® Report for May 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 $1,050,471
Fraser Valley $698,982
Toronto $709,472
Victoria $562,107
Hamilton $489,146
Calgary $473,910
Edmonton $376,752
Ottawa $361,371
Montreal $358,956
Kitchener-Waterloo $353,956
Saskatoon $339,107
Regina $321,362
London St. Thomas $277,0841
Canada $485,559

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