Market stays the course

Overall home sales in October 2011 were up 3% over the previous year. "The condo market was a little soft this month," says Jack Lane, President of the London and St. Thomas Association of REALTORS®. "However, the more significant statistic to look at is the Year to Date figure, which shows condos down less than one percent from last year. In fact, total sales Year to Date are down a very marginal 0.6% from last year, so the bottom line is this: real estate in our jurisdiction is absolutely staying the course . . . and that’s good news when you consider the fact that our Year to Date sales at the end of January 2011 were down 9.3%."

Listings were up 1.3% in October, at month-end the Association’s inventory of listings stood at 3,678, up 7.7% over last year at this time, and, the average price for a home (including condo sales) in the Association’s jurisdiction stands at $232,714, up 1% from the previous month and 4% up from January 2011. "What these stats tell us is that the market is both a balanced one – good for Buyers and Sellers," Lane explains, "and one that offers buyers a great deal of choice, both in terms of price and style of home. Given interest rates that continue historically low and our area’s great affordability compared to other centres, it’s a good time for renters to consider a move into homeownership."

The news from St. Thomas continues to be encouraging. Fifty one homes sold in London’s Sister City in October, only two fewer units than in October 2010 , which was a good month. The average price for a home in St. Thomas Year to Date stands at $184,769, up 13% from January 2011.

The best-selling house style in LSTAR’s jurisdiction for October 2011 was the two-storey, followed by the bungalow, then the ranch, then the townhouse condominium.