Market Recovery Continues With Record Sales of Real Estate in London Ontario for December Last month, (December 2009) 438 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), a 55.9-per-cent increase over December 2008!
This was the best December sales ever in the history of LSTAR and listings continued to rise by 12.8%, an indicator that speaks of the strong recovery in our jurisdiction
This month's sales in London include 353 detached homes (up 61.9 per cent from December 2008) and 85 condos (up 34.9 per cent from December 2008).
Year to date, 6561 detached homes and 1509 condos have been sold- down 1.4 per cent and down 11.4 per cent respectively compared to the same period in 2008. Year to date, sales are down 3.42 per cent overall compared to 2008. When you consider we started January 2009 down 35% this is good news.
Sales in St. Thomas also saw gains - 37 homes exchanged hands in December 2009, a 60-per-cent increase over December 2008.
The average residential price for the month of December was up to $178,132, a 3.3 per-cent increase over November and finishing for the year with an YTD average price of $182.450 which is down only by 2.6%.
The average residential price in the Association's jurisdiction for the month of December is up 12.3 per cent to $215, 235 This is another good indicator that our market is recovering.
What Does This All Mean? If you are a purchaser, prices are not going down and we are experiencing a sellers market. If you are a home owner, now is a great time to list your home. There is a pent up demand, interest rates are low and it will be 3-5 months before brand new homes are built. For area neighbourhood prices and trends for your area, I have all the neighbourhoods in London broken down into price, styles, days on market and hundreds of other details.
Another reason to call your ‘Knowledge' source for reliable service and action.