Is London Ontario Real Estate Market Rebounding?
Home sales in London Ontario overall in September 2011 were up 19.2% over the previous year, with 589 detached homes and 113 condos exchanging hands.
As of September 30, 2011 , year-to-date sales are down only a very modest 0.8% compared to this time last year.
Listings were also up 7.7% in September, and year-to-date listings are up 9% over last year.
The average sale price for a detached home year-to-date now stands at
$244,307, 5.3% up from January 2011, while the average price for a condo
was $182,758, down 3.4% up from January 2011.
Year-to-date the average price for a home (including condo sales) in is $232,511, 4% up from January 2011.
following table, based on data taken from CREA’s National MLS® Report
for August 2011 (the latest information available), demonstrates how
homes in LSTAR’s (London & St.Thomas Association of Realtors)
jurisdiction continue to maintain their affordability compared to other
major Ontario and Canadian centres.
Metropolitan Centre Average House Price
St. Catharines $250,220
Newfoundland & Labrador $234,339
London St. Thomas $233,578*
A breakdown of London and area sales
House Style Units Sold Average Price
2 storey 163 $323,693
Bungalow 141 $181,777
Ranch 82 $282,799
Townhouse Condo 59 $152,039
What does all this mean?
London and St. Thomas
historically has been a balanced market as the above numbers show and
we do not experience the peaks & valleys that other major cities
have or are experiencing.
That being said, properties in London still need to be marketed properly and correctly to sell; and all buyers should be aware of neighbourhood quirks and positives.
For a detailed breakdown of a London neighbourhood or property style, you now know whom you can turn to.