A total of 8,020 homes traded hands in 2012, 28 fewer units than the 8,048 homes sold in 2011. "That's a difference of only 0.3%," says Barb Whitney, 2012 President of LSTAR, "very marginal and just what we expected from our market, which has proven itself once again to be steady, reliable and balanced. As far as LSTAR goes, 2012 has been a very satisfactory year for real estate in our jurisdiction."
Overall new listings were down 6.2% for detached homes and up 0.9% for condos in 2012. Inventory – the number of active listings at month end – was also down, but only by 1.7%.
London's Sister City of St. Thomas did not fare as well as London in 2012. 616 homes sold in St. Thomas last year, 9.7% down from the previous year. The average price of a new home in St. Thomas, however, rose to $191,607, up 1.2% from the previous year.
The average price for a detached home in LSTAR's jurisdiction in 2012 stands at $254,434, up 4% compared to December 31, 2011, while the average price for a condo in 2012 stands at $171,403, down 4.5%. The average price for all housing types 2012 stands at $238,822, up 2.8%. By way of comparison, the average price of a home in Canada in October 2012 (the latest information available) stood at $361,516.
The best-selling house style in LSTAR's jurisdiction in 2012 was the two-storey, followed by the bungalow, then the ranch, then the townhouse condominium.
House Style
Units Sold
Average Price
2 Storey
1923
$325,253
Bungalow
1326
$189,112
Ranch
982
$288,476
Townhouse Condo
749
$154,232
