London St Thomas Real Estate board reports best June ever
Friday, Jul 24, 2015
July 1, 2015
With 1,109 home sales, June 2015 breaks the record for the best June in the history of the London and St. Thomas Association of REALTORS®. "For the second best June on record, you’d have to go all the way back to June 2006 when there were 1,011 sales," says Carl Vandergoot, LSTAR President. He adds, "We could tell that June was going to be a banner month, but we didn’t expect it to be quite this robust.” 892 detached homes sold in June, up 11.5%, while 217 condos exchanged hands, up 19.9%. Total sales for the month were up 13% over June 2014. “Job growth, stable mortgage rates and affordable home prices have all played a part in making this market so strong," says Vandergoot.
Listings were up 6.8% overall, while inventory – active listings end of period – were down 5.5%. "In other words, things are moving," says Vandergoot. "That means that now is a great time for Buyers and Sellers to get into the market – when it is both balanced and dynamic."
The market in London's Sister City of St. Thomas had the best June since 2009, with 85 sales. The average price of a home in St. Thomas Year-to-Date stands at $217,537, up 8.8%.
The best-selling house style in LSTAR's jurisdiction for June 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.
| House Style | Units Sold | Average Price |
|---|---|---|
| 2 storey | 283 | $363,295 |
| Bungalow | 180 | $205,143 |
| Ranch | 124 | $326,736 |
| Townhouse | 85 | $166,152 |
| High rise apt. condo | 63 | $185,131 |
As of June 30, the average price for a detached home Year-to-Date stood at $282,408, up 4.4%, while the average price for a condo over the same period stood at $192,045, up 5%. Year-to-Date the average price of all homes sold through LSTAR’s MLS® stood at $264,834, up 4.2%.
The following chart, based on data taken from CREA’s National MLS® Report for May 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $52,000 in ancillary spending is generated every time a house changes hands in Ontario. "Real estate drives our local economy," says Vandergoot. "A vibrant real estate market is good news for everybody."
Click here to see the original News Release of LSTAR.
