June Slightly Down

Sales last month were down 3.6% over those of the previous June with 654 detached homes exchanging hands and 141 condos. This represents a 1.4% decrease in sales for detached homes and a 13.0 % decrease in condo sales. However, "Year-to-date sales are still slightly down over last year by 5.4%," points out Doug Pedlar , President of London and St. Thomas Association of REALTORS® (LSTAR), adding that, over all, they are turning out to be closely in line with 2012.Pedlar continues, "New listings were down 5.5%, which could point to a slight tightening up of the market, as does the fact that listings end of period – or inventory – was up 2.9% . For now and for the foreseeable future, we expect our market will continue to be a balanced one – good for buyers and sellers alike."
The City of St. Thomas experienced a small dip last month, with 53 homes exchanging hands in that City over the course of June and an average sale price Year to Date of $190,567, which is the same as 2012.The average price for a home in LSTAR's jurisdiction Year to Date stands at $246,959, an increase of 3.4%. The average price for a detached home over that same period stands at $262,113, up 3.0%, while the average price for a condo stands at $177,894 up 3.8 % from January of this year.
The following chart, based on data taken from CREA's National MLS® Report for May 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 June 2013 was the two-storey, followed by the ranch, then the bungalow, then the townhouse condominium. 

House StyleUnits SoldAverage Price

2 Storey
1060
$334,382

Bungalow
713
$194,652

Ranch
531
$297,088

Townhouse Condo
375
$158,937

Click here to see the News Release of LSTAR for June 2013.