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London Ontario Real Estate Sales are Strong

By
Real Estate Agent with Coldwell Banker 1st London

Stats released by the London St. Thomas Association of Realtors show that area home sales are doing very well. July was the second best July ever on record and year to date is below last year's record year but is on pace for another tremendous year. The full stats package can be found HERE.

The reason for the number of sales is the same reasons I've already talked about in previous posts. Conditions are good for home buyers - good interest rates with affordable house prices. But the biggest factor is the number of available listings. There is more selection for buyers, making it easier for people to find homes to buy. It's a great time to be purchasing a home in London, Ontario.

For sellers, it's a good time sell but the market has become more balanced. With the increase in inventory, don't expect your home to fly off the market. Multiple offer situations are more rare now and it does take some work to sell the home as home buyers have more options. Your home will sell if it's priced correctly and marketed right, but don't be fooled into thinking this is like the 2004 sellers market just because home sales are mirroring that year's total.

"Despite reports to the contrary, local-area home sales continue to perform extremely well this year," comments Bruce Sworik, LSTAR President. "Not only was last month our second best July on record, but May 2008 was our third best month for real estate sales ever. A total 5,592 homes have exchanged hands so far this year and that's fantastic news for our local economy, given the economic spin-off generated by each housing transaction."

According to a study done by Clayton Research Associates for the Canadian Real Estate Association, an estimated $32,200 in ancillary spending (i.e. spending by purchasers on items other than the actual house and land) is generated by the average housing transaction in Canada.

This is great news for the local economy. As everyone knows, the manufacturing sector has taken a beating over the last 1-2 years. London's diverse economy, real estate market, and general economic outlook are going to get the area through these economic challenges.

Comments (1)

Mauricio Navarro
AOVZ.COM - Miami, FL

Ryan, thanks for the info!... If you need to pre-approve any of your clients for a mortgage please direct them to the below website - we should be able to set them up right away!

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Aug 07, 2008 11:40 AM