July Sales Strong and Steady

Sales last month were up 5.6% over those of the previous July, with 630 detached homes exchanging hands and 158 condos. This represents a 1.6% increase in sales of detached homes and an increase of 25.4% in condo sales. "Condos have been moving a little slowly over the last several months, so it was good to see them rebound so nicely in July," says Doug Pedlar, President of London and St. Thomas Association of REALTORS® (LSTAR). "As for detached homes, the market for those continued strong and steady last month - almost as if this year's Spring market extended into the summer months." He adds, "New listings were up 6.9% and listings end of period – or inventory – was up 0.9%, indicating that, now and for the foreseeable future, we can expect our market to continue to be a balanced one – good for buyers and sellers alike."

The City of St. Thomas continued to perform well in July  with 78 homes exchanging hands in that City over the course of July Рup 13% - and an average sale price Year to Date of $195,398.

The average price for a home in LSTAR's jurisdiction Year to Date stands at $247,274, an increase of 3.5%. The average price for a detached home over that same period stands at $262,627, up 3.2%, while the average price for a condo stands at $178,848, up 4.3 % from January of this year.

The following chart, based on data taken from CREA's National MLS® Report for June 2013 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

The best-selling house style in LSTAR's jurisdiction in July 2013 was the two-storey, then the bungalow, then the townhouse condominium, then the ranch.

House Style Units Sold Average Price
2 Storey 193 $316,508
Bungalow 138 $210,353
Townhouse Condo 85 $163,470
Ranch 83 $302,249

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