Homes in London Ontario Increases in Volume and Price in Area

  • London Ontario Real Estate Increases in Volume and Price in Area

         The sales volume in London and St.Thomas and area saw a 14.3-per-cent increase over October 2008. However, October 2008 had an unusually low sales volume of 581, compared to 705 sales in 2007 and 711 sales in 2006, etc. This anomaly explains the large percentage increase for October 2009.

           This month's sales include 543 detached homes (up 14.3 per cent from October 2008) and 121 condos (up 14.2 per cent from October 2008). Year to date, 5,726 detached homes and 1,325 condos have been sold - down 6.7 per cent and down 14.8 per cent respectively compared to the same period in 2008.

          Sales in St. Thomas also saw gains - 55 homes exchanged hands in October 2009, a 14.6-per-cent increase over October 2008. The average residential price for the month of October was up to $199,242, a 3.9-per-cent increase over October 2008.

         "Momentum for sales activity remained strong throughout the third quarter," said Canadian Real Estate Association President Dale Ripplinger. "Low interest rates, rebounding consumer confidence and an improving overall sense of economic security continue to draw homebuyers to the housing market."

         The best-selling house style in LSTAR's jurisdiction for the month of October was the two-storey, followed by the bungalow, the ranch, and the townhouse condo.

          Homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres. According to the Canadian Real Estate Association's Residential MLS Report for September 2009 (the most current available), the average price year-to-date for:

     London and St. Thomas was $214,103;

    Calgary was $382,161;

    Durham Region was $275,931;

    Edmonton was $320,746;

    Hamilton-Burlington and District was $288,702;

    Kitchener-Waterloo was $270,399;

    Ottawa was $302,087;

    St. Catharines & District was $223,697;

    Toronto was $388,999;

    Greater Vancouver was $579,012.

    So what does this all mean? If you are moving to London, yahoo! Your dollar will get you a house or condo and still have money left over!

    If you are selling, yahoo again! We are in a slight seller's market and homes that are clean, updated and priced well sell the quickest and for the most money!

    • Ty Lacroix Broker of Record & Owner

              

    'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!

    Your London and S/W Ontario source for results!

    519-435-1600   www.enveloperealestate.com

    0 comments • Ty Lacroix • November 24 2009 07:04PM