51.3% Increase Over November Home Sales in London Ontario

51.3% Increase Over November Home Sales in London Ontario

       584 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), a 51.3-per-cent increase over November 2008.

This included 485 detached homes (up 62.2 per cent from November 2008) and 99 condos (up 13.8 per cent from November 2008).

Year to date, 6,208 detached homes and 1,424 condos have been sold – down 3.5 per cent and down 13.2 per cent respectively compared to the same period in 2008.

Year to date, sales are down 5.5 per cent overall compared to 2008.

Sales in St. Thomas also saw gains – 57 homes exchanged hands in November 2009, a 128-per-cent increase over November 2008!

 The average residential price in the Association’s jurisdiction for the month of November is up 4.3 per cent to $215,317

The number of sales and average prices year-to-date for November 2009 were:

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

According to the Canadian Real Estate Association’s Residential MLS Report for October 2009 (the most current available), the average price year-to-date for:

§ London and St. Thomas was $214,385;

§ Calgary was $383,998;

§ Durham Region was $277,309;

§ Edmonton was $320,585;

§ Hamilton-Burlington and District was $289,483;

§ Kitchener-Waterloo was $269,443;

§ Ottawa was $303,788;

§ St. Catharines & District was $223,861;

§ Toronto was $392,823; and

§ Greater Vancouver was $586,401.

    What Does All This Mean?

If you are waiting for prices to drop before you purchase a home in London it is not going to happen and if you are thinking of putting your house or condo on the market in London the timing is great!

Keep in mind however that consumers have a tremendous amount of information regarding neighbourhood prices and comparisons. Mr. and Mrs. Market are never wrong!

Ty