Knowing that your local real estate market is on a roll is always great to hear when you have invested in property! The London and St. Thomas Association of REALTORS (LSTAR), a member of the Canadian Real Estate Association, represents 1,500 REALTORS in Middlesex and Elgin Counties, which is a trading area of 500,000 residents.
London real estate and St Thomas real estate sales in March 2016 were part of the 860 homes that sold in that one month, making it the best March since 2006 and being up 11.8 percent over March 2015. According to Stacey Evoy, 2016 President of LSTAR, March 2016 may have come in like a lamb, but it went out like a lion regarding home sales.
The year-to-date sales are also up 10.8 percent. St. Thomas alone had an outstanding March with 75 homes sold compared to 58 sold in March 2015. So far in 2016, a home’s average price in St. Thomas is at $219,822, which is up 1.4 percent.
The house style that sold the best in March 2016 was the two-story followed by the bungalow, ranches, townhouse condominiums, and high-rise apartment condominiums. The average price for a detached home in LSTAR’s jurisdiction stands at $291,281, the average price for a condo stands at $192,619, and the average price of all homes sold through LSTAR’s MLS stands at $271,920.
These increases have continued to be fuelled by an improving solid job market and economy, which brings in additional first-time homebuyers, as well as ongoing low mortgage rates. The area racked up many consecutive months when home sales outstripped the same month in the previous year.
London Real Estate Market Forecast
London real estate and St Thomas real estate continue to be extremely desirable markets. LSTAR operates the local Multiple Listing Service, and its members will be happy to lead you in the direction that will find your dream home. On the other hand, the Canada Mortgage and Housing Corporation predicts that the year 2016 will find more sales than listings, so this is the kind of market that sellers should want to take advantage of.