August 2015 was yet another month in which home sales in the jurisdiction of the London and St. Thomas Association of REALTORS® were the best they've been since 2007's Global Financial Meltdown. A total of 864 homes sold in August 2015, up 9.2% overall from August 2014. "2015 is shaping up to be a really good year," says Carl Vandergoot. "So far we're up a solid 9.4% from 2014."
Listings were up a very marginal 0.2% for detached homes and down 6.3% for condos last month. Active listings end of period - inventory - were also down, 3.3%. "Over the last few months we've started to see some tightening up of supply," says Vandergoot. "It's too early to suggest that we're going into a Sellers market, but, with supply shrinking, it's definitely a good time to list."
August was also a banner month for London's Sister City of St. Thomas, which, with 81 sales, also had its best August since 2007. The average price of a home in St. Thomas Year-to-Date stands at $218,733, up 9.4%.
The best-selling house style in LSTAR's jurisdiction for August 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. As of August 31, the average price for a detached home Year-to-Date stood at $282,560, up 4.4%, while the average price for a condo over the same period stood at $191,624, up 4.8%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $264,980, up 4.3%.
High rise apt. condo
The following chart, based on data taken from CREA's National MLS® Report for July 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.