Sales last month were down 9.6% over those of the previous June with 663 detached homes exchanging hands and 162 condos. This represents a 10.5% decrease in sales for detached homes and a 5.8 % decrease in condo sales. However, “Year-to-date sales are still ahead of last year by 3.3%,” points out Barb Whitney, President of London and St. Thomas Association of REALTORS® (LSTAR). “That's the stat to focus on for now.”
Whitney continues, “New listings were also down 15.1%, which could point to a slight tightening up of the market, as does the fact that listings end of period – or inventory – were also down 15.1%. However, it's still way too early to determine if we're moving more towards a Sellers Market. For now and for the foreseeable future, we expect our market will continue to be a balanced one – good for buyers and sellers alike.”
London's Sister City of St. Thomas experienced a similar dip last month. 356 homes exchanged hands in that City over the course of June with an average sale price Year to Date of $187,019, up 11.1% over January 2012.
The average price for a home in LSTAR's jurisdiction Year to Date stands at $240,068, an increase of 6.7%. The average price for a detached home over that same period stands at $256,166, up 8.5%, while the average price for a condo stands at $171,136, up 1.2% from January of this year.
The following chart, based on data taken from CREA's National MLS® Report for May 2012 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
