June home sales best in seven years
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Jul 05, 2014  |  Vote 0    0

June home sales best in seven years

Our London

The London and St. Thomas Association of Realtors (LSTAR) reports 981 homes exchanged hands last month, up 23.4 percent from June 2013. 

“Everything was up,” said Jim Holody, LSTAR president, in a news release. “Detached homes were up 22.3 percent, condos were up 28.4 percent and listings were up 18.6 percent. An increase in listings is good news because it means our market remains a balanced one.”

In addition, Holody said the year-to-date sales total, 4,337, is up 2.8 percent.

Holody said there is no question it is “a happening market out there,” with members saying the market has been playing catch-up to adjust for the unusually cold winter. The stats for the last two months, Holody said, bear that out. “Low interest rates, the conclusion of the provincial election and  strong consumer confidence all contributed to making last month the best June since 2007 — itself a record year.”

Average sales prices were also up: $278,493 for a detached home, up one percent, and $197,026 for a condo, up 1.6 percent.

“A healthy real estate market is one in which you see small, incremental increases in house prices over time,” Holody said. “This indicates that properties are holding their value and there’s no danger of a housing bubble.”

Data taken from CREA’s National MLS Report for May 2014 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

The London-St. Thomas average sale price of $263,462 compares to the national average of $396,891. Average sale price in other Canadian cities include: Vancouver, $792,601; Toronto, $557,392; Victoria, $480,329; Calgary, $462,546; Hamilton-Burlington, $403,502; Edmonton, $370,279; Kitchener-Waterloo, $362,757; Ottawa, $360,984; Montreal, $331,850; Regina, $303,131; Newfoundland & Labrador, $289,668; and Halifax-Dartmouth, $268,452.

The two-storey home, followed by the bungalow, ranch style, and townhouse condominiums, were the best-selling house styles in LSTAR’s jurisdiction for June 2014. One and a half storey homes came in next, followed by high-rise apartment condos. 

 

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