London Ontario Real Estate Market Rebounding!

   Home sales in London Ontario overall in September 2011 were up 19.2% over the previous year, with 589 detached homes and 113 condos exchanging hands.

    As of September 30, 2011 , year-to-date sales are down only a very modest 0.8% compared to this time last year.

  Listings were also up 7.7% in September, and year-to-date listings are up 9% over last year.

  The average sale price for a detached home year-to-date now stands at $244,307, 5.3% up from January 2011, while the average price for a condo was $182,758, down 3.4% up from January 2011.

   Year-to-date the average price for a home (including condo sales) in  is $232,511, 4% up from January 2011.
 

The following table, based on data taken from CREA’s National MLS® Report for August 2011 (the latest information available), demonstrates how homes in LSTAR’s (London & St.Thomas Association of Realtors) jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres.

Metropolitan Centre Average House Price
Vancouver                         $661,306
Toronto                             $462,612
Victoria                             $457,483
Calgary                              $418,281

Hamilton-Burlington         $336,805
Edmonton                         $329,867
Ottawa                             $337,315
Kitchener-Waterloo         $308,595
Regina                              $279,288
Saskatoon                        $299,924
St. Catharines                 $250,220
Halifax-Dartmouth           $252,278
Newfoundland & Labrador $234,339
London St. Thomas            $233,578*

A breakdown of London and area sales

House Style Units       Sold                Average Price
2 storey                           163                $323,693
Bungalow                         141                $181,777
Ranch                                82                $282,799
Townhouse Condo             59                $152,039

What does all this mean?

London and St. Thomas historically has been a balanced market as the above numbers show and we do not experience the peaks & valleys that other major cities have or are experiencing.

That being said, properties in London still need to be marketed properly and correctly to sell; and all buyers should be aware of neighbourhood quirks and positives.

For a detailed breakdown of a London neighbourhood or property style, you now know whom you can turn to.