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Prices Up in London, Ontario

By
Real Estate Agent with Realty Executives Elite Ltd.

July sales down, but prices up

Last month, 904 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), a 4.8-per-cent decrease over July 2008. This includes 734 detached homes (down 1.2 per cent from July 2008) and 170 condos (down 17.9 per cent from July 2008). Year to date, 4,026 detached homes and 923 condos have been sold - down 9.3 per cent and 19.9 per cent respectively compared to the same period in 2008.

Sales in St. Thomas continue to stabilize - 72 homes exchanged hands in July 2009, a 2.9-per-cent increase over July 2008. The average residential price year-to-date in St. Thomas is $183,571, a 1.3-per-cent decrease over last year.

"Although July sales decreased 4.8 per cent over the same period last year, the average residential price for July 2009 actually increased by 4.1 per cent to $219,260," says Joe Hough, LSTAR President. "Year-to-date for July 2009, the total residential average price is up 0.2% to $213,002, compared with an increase of 1.5% in June ($211,583), a decline of 1.2% in May, 1.8% in April, 2.7% in March, 2.4% in February and 2.8% in January."

"Sales momentum remains strong going into the second half of 2009," says Dale Ripplinger, President of The Canadian Real Estate Association. "Chances are good that the number of transactions in the second half of 2009 will surpass levels in the first half of the year."

The number of sales and average prices year-to-date for July 2009 were:

Type

Units Sold

Average Price

$$ Change from YTD 2008

Total Detached

4,026

$226,225

-0.7%

Total Condo

923

$155,326

1.2%

Total Residential

4,949

$213,002

0.2%

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