May Sales Up Year Over Year

Sales last month were up over those of the previous May by 3.5%, with 751 detached homes exchanging hands and 162 condos. This represents a 7% increase in sales for detached homes and a 10 % decrease in condo sales. “May's figures underscore the fact that our local market remains vibrant,” advised Barb Whitney, President of London and St. Thomas Association of REALTORS® (LSTAR). “What we're seeing now in terms of sales is more on a par with previous Mays going back to the turn of the millennium.”

“Active listings at month's end were down 7.3%, a bit of a departure from what we've seen over the past several years. This points to a ramping up in activity,” says Whitney. “We continue to see our market as balanced, however – now and for the near future.”

Real estate sales remained steady in London's Sister City of St. Thomas – 65 units, only 7 less than the previous year. The average price for a home in St. Thomas stands at $189,229 Year to Date, up 10.7 % since January 2012. The average price for a home in LSTAR's jurisdiction Year to Date stands at $240,485, an increase of $15,458 since January 2012 – an increase of 6.9%. The average price for a detached home over that same period stands at $257,023, up 5.3 %, while the average price for a condo stands at $168,852, down 3.4% from January.

The following chart, based on data taken from CREA's National MLS® Report for April 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.

Average Home Prices Across Canada in April 2012

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.

Click here to read the full News Release of LSTAR for April 2012.