London Real Estate Market Update for May 2017

London Real Estate Market Update for May 2017

The London real estate market continues to be hot. Here is the market report for May 2017. 1,539 homes were sold in London in May. An increase of 33.4% over the same period last year. This represents the best results ever for May, and the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978*.

LSTAR President offered the following comments “We’re experiencing a very strong marketplace, with the fifth consecutive month of record sales. REALTORS® are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region’s low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27% ahead of 2016.”

Useful Market Stats

• 1,209 detached homes were sold, an increase of 28.6% over the previous year
• 330 condominium sales, up 54.2% from 2016.
• The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month
• The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057
• The best-selling house style in May continues to be the two-storey, followed by the bungalow and ranch
• The average price for a detached home in May was $372,163 down 0.1% from the previous month
• the average price for a condominium was $244,619 down 1.4% from the previous month.

Breakdown By Housing Style

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