A total of 475 home sales took place in December, making the last month of 2014 not only the best December since 2006, but also the eighth straight month in a row in which area home sales outstripped those of the previous year:
May by 5%
June by 23.4%
July by 24.4%
August by 13.6%
September by 11.1%
October by 8.4%
November by 4.7%
December by 14.7%
"A total of 8,521 homes sold in 2014, the highest number since 2007, just prior to the global financial meltdown that impacted housing markets in both Canada and the United States," explains Carl Vandergoot, the 2015 President of the London and St. Thomas Association of REALTORS®. "It's been seven lean years, but our market is definitely showing signs of a strong, steady and sustainable recovery."
Also up for the year were listings - a total of 16,492 homes were listed in 2014, up 3.7% - while inventory - active listings at the end of period - was down a marginal 0.5%. Throughout 2014 the market remained balanced.
The average price of a home in the Association’s jurisdiction for the year stands at $254,141, up 3.4% over what it was on December 31, 2013.