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London real estate in May

The Spring market continued to gain traction in May, with 941 homes sales, up 3.1%. "The market appears to be rallying after a somewhat slow start to the year," says Doug Pedlar, President of the London and St. Thomas Association of REALTORS®. "Condos were a little soft (down 6.2%) but detached homes were up by 5.1%." He adds, "We're also pleased to note that new listings are up 8.2% and inventory – the number of active listings end of period - is up 3.8%. Those figures indicate that we remain in a balanced market overall – good news for buyers and sellers alike."

St. Thomas is another story – a good news one. Sales in that City were up 32.3%, with 86 homes exchanging hands in May, while new listings were down 3.5% and inventory was down 8.2%. "It's important to point out that May 2012 sales in St. Thomas were down 10%," cautions President Doug Pedlar. "However, even taking that into consideration, it's good news for St. Thomas." Average price for a home in St. Thomas Year-to-Date (compared to December 31, 2012) stands at $191,133, down a modest 0.2%.

The average price of a detached home in the whole of LSTAR's jurisdiction Year-to-Date since December 31, 2012 stands at $261,996, up 3%, while the average price of a condo for the same period stands at $176,363, up 2.9%. Taken altogether, the average price of a home in LSTAR’s jurisdiction Year-to-Date since December 31, 2012 stands at $246,545, up 3.2%.

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June 4, 2013 in London, Ontasrio | Permalink


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