London Ontario Real Estate Market Stats - May 2016

Posted by London Ontario Real Estate on Wednesday, June 1st, 2016 at 9:00am.

Second Best May Ever!

1,154 homes exchanged hands in May 2016, up 9.4% over May 2015. "This makes last month the best May on record since 2007 and the second best May ever," says Stacey Evoy, President of the London and St. Thomas Association of REALTORS®. "Moreover, May 2007 beat out this past May by only 7 units!" Year-to-Date sales are up 10.4% over last year.

1,718 homes were listed in May 2016, down 5.8%, and Active Listings End of Period – or inventory – was down 24.9%. "We are waiting for CMHC to make the final deliberation, but it's starting to look as though we may be moving from a balanced market into a seller’s market," says Evoy, "meaning that now is an excellent time to think about listing your home." 

As for the City of St. Thomas, it had not only its best May in 2016, but its best month ever, and by quite a lot. For the first time sales broke the one hundred unit mark, with 116 homes exchanging hands – up 31.8%. As was the case in London, both listings and inventory were down, 11.3% and 32.3% respectively. The average price of a home in St. Thomas, so far, in 2016, stands at $223,071, up 2.9%.

The best-selling house style in LSTAR's jurisdiction for May 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 $294,032 up 4.2%, while the average price for a condo over the same period stood at $201,097, up 6%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $276,286, up 4.5%.

House StyleUnits SoldAverage Price
2 storey 313 $374,251
Bungalow 196 $229,150
Ranch 130 $356,978
Townhouse 91 $163,905
High rise apt. condo 46 $183,666

The following table, based on data taken from CREA’s National MLS® Report for April 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 $1,080,148
Fraser Valley $706,812
Toronto $704,376
Victoria $568,973
Hamilton $503,390
Calgary $468,376
Edmonton $378,046
Kitchener-Waterloo $376,527
Ottawa $361,886
Montreal $350,465
Saskatoon $341,859
Regina $301,972
London St. Thomas $276,2861
Canada $484,406

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