Sales last month were down 9.6% over those of the previous June with 663 detached homes exchanging hands and 162 condos. This represents a 10.5% decrease in sales for detached homes and a 5.8 % decrease in condo sales. However, “Year-to-date sales are still ahead of last year by 3.3%,” points out Barb Whitney, President of London and St. Thomas Association of REALTORS® (LSTAR). “That's the stat to focus on for now.”
Whitney continues, “New listings were also down 15.1%, which could point to a slight tightening up of the market, as does the fact that listings end of period – or inventory – were also down 15.1%. However, it's still way too early to determine if we're moving more towards a Sellers Market. For now and for the foreseeable future, we expect our market will continue to be a balanced one – good for buyers and sellers alike.”
London's Sister City of St. Thomas experienced a similar dip last month. 356 homes exchanged hands in that City over the course of June with an average sale price Year to Date of $187,019, up 11.1% over January 2012.
The average price for a home in LSTAR's jurisdiction Year to Date stands at $240,068, an increase of 6.7%. The average price for a detached home over that same period stands at $256,166, up 8.5%, while the average price for a condo stands at $171,136, up 1.2% from January of this year.
The following chart, based on data taken from CREA's National MLS® Report for May 2012 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
Click here to read the full News Release of LSTAR.