London Ontario Real Estate Market Update - October 2015

Posted by London Ontario Real Estate on Monday, November 2nd, 2015 at 9:05am.

Real Estate Sales Hold Steady

October 2015 homes sales came in just a hair lower than those of October 2014, the best October since 2007. A total of 695 homes exchanged hands last month, just three shy of October 2014, which saw 698 sales. 577 detached homes sold in October, up a marginal 0.9%, while condo sales dropped 6.3%. Total sales were down a very negligible 0.4%. "Clearly we've hit the mark and are holding steady," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. Year-to-date sales are up over 2014 by 9.8%.

Listings were down for detached homes in October – 14.2% for detached homes and 7.5% for condos. Active Listings End or Period (inventory) was also down 11.4% for detached homes and 0.2% for condos. "We're keeping a close watch on listings to see if we might be starting to shift into a Sellers' market," says Vandergoot. "Whether that is the case or not, with listings this low, now is a good time to list."

The real estate market continued to perform well in St. Thomas in October. Fifty-five homes sold in that City, making it the best October since 2012. The average price of a home in St. Thomas Year-to-Date stands at $217,752 up 8.9%.

The best-selling house style in LSTAR's jurisdiction for October 2015 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 $282,585, up 4.4%, while the average price for a condo over the same period stood at $190,067, up 4%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $265,019, up 4.3%.

House StyleUnits SoldAverage Price
2 storey 167 $388,629
Bungalow 122 $207,455
Ranch 81 $325,534
Townhouse 53 $151,829
High rise apt. condo 26 $122,012

The following chart, based on data taken from CREA's National MLS® Report for September 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.

Average home prices in Canada - September 2015

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