London, Ontario Real Estate Market Update: Best July In 10 Years

London, Ontario Real Estate Market Update: Best July In 10 Years

London, Ontario Real Estate Market Update for July 2017.

• 1,002 homes were sold in July
• Best July monthly total in 10 years
• An increase of 1.2% over the same period last year.
• July 2007 holds the all-time July monthly record with 1,009 sales

The President of the London & St Thomas Association of Realtors offered the following comments: “This is an amazing year for real estate in our region. Although shy of the best July ever by a handful of units, home sales are still performing strongly, with year-to-date sales outpacing 2016 by almost 20 percent. We are still seeing transactions involving out-of-town agents, but not at the levels we experienced in the spring. The activity is signifying we may be heading toward a more balanced marketplace. In the dog days of summer, we traditionally experience a quieter market, but that’s not the case this year. ”

Market Breakdown For July 2017

• 793 detached homes were sold, a decrease of 1.7% from the previous year
• Condominium sales were up 14.2% from 2016, with 209 units sold
• Average sales price across London and St. Thomas was $326,122 down 2.7%
• Average year-to-date sales price was $330,718
• Year-to-date sales are ahead by 19.7%, with a total of 7,535 homes sold.

What Type Of Homes Are Popular?

The following chart is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for June 2017 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.