March Sales Down Slightly

In March, local real estate sales decreased 4.8% over those of previous year, with 623 detached homes and 147 condos exchanging hands over the course of the month. Detached were slightly down by 3.7% and condos by 13.3%. “So, while last month's figures are nothing to get excited about, they are also nothing to be concerned about. Slow and steady wins the race” says Barb Whitney, President of the London and St. Thomas Association of REALTORS®.
“The number of active listings at month's end was up by 2.5% – our inventory or supply of available homes. This is the kind of market REALTORS® like to see – lots of activity. Sellers see that properties are moving at a good pace and buyers have a wide array of choices. In other words, our local market continues to be balanced.” says President Barb Whitney.
50 homes sold in London's Sister City of St. Thomas in March – 17 fewer units than the previous year. The average price for a home in St. Thomas stands at $186,571 Year to Date – up 9.1 % since January 2012.
The average price for a home in LSTAR's jurisdiction Year to Date climbed at $232,757 – an increase of 3.4% over that of January 2012. The average price for a detached home over that same period rised at $247,784 – up 4.9 % , while the average price for a condo stood at $169,962 –up .5% from January.
The following chart, based on data taken from CREA's National MLS® Report for February 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.

The best-selling house style in LSTAR's jurisdiction last month was the two-storey, followed by the bungalow, then the ranch, then the townhouse condominium.

Read the entire News Release of LSTAR.