March 1, 2011 Home sales level out
In the second month of 2011, a total of 552 homes exchanged hands, down 8.8% from the previous year. February sales have tended to hover around the six hundred mark. We saw a marked drop in February 2009, right after the global financial downturn , followed by a rebound in 2010 and a kind of leveling off in 2011, with sales more on a par with those of February 2001 (532) and February 2000 (556) than more recent years. It's important to remember, however, that 2000 and 2001 were both respectable years for real estate in our market. Another factor that we have to take into consideration was the weather in January, which was unusually cold and snowy for our jurisdiction
This month's sales included 436 detached homes (down 10.7% from the previous year) and 116 condos (down 0.9% from the previous year). When trying to determine how much properties have appreciated over time, we're starting to look more at their increase from one month to the next, rather than year over year. The average price of a detached home has increased 4.6% from January 2011 to February 2011 to stand at $244,601, while the average price of a condo has decreased 5.7% to stand at $170,035. A higher ratio of lower-end condominiums sold in January 2011 than usual and that has skewed the price of total residential downwards. Compared to the January 2011, the average price for a home of any kind in LSTAR's jurisdiction was up 2.4% to stand at $228,931.
Sales in London's Sister City of St. Thomas were down 9.1% in February. They continue 3.7% up, Year to Date. The average price of a home in St. Thomas Year to Date stands at $180,061. In February 2011 it stood at $198,035, based on 40 sales.
The best-selling house style in LSTAR's jurisdiction for January 2011 was the two-storey, followed by the bungalow, the townhouse condo and the ranch.
Real Estate Corner...London and St. Thomas Realtors Association
Single Family (increase year to year) LSTAR March 1, 2011
|
Area |
Condo |
Bungalow |
2-storey |
Ranch |
Townhouse |
Detached |
|
North increase |
212,857 3.5% |
223,203 0.4% |
357,000 7.3% |
292,218 -10.2% |
212,335 11.5% |
303,693 0.9% |
|
South increase |
$141,722 -0.4% |
218,225 8.7% |
295,751 -8.3% |
260,059 -9.2% |
141,722 -0.4% |
244,199 -7.8% |
|
East Increase |
$164,804 2.8% |
156,684 2.8% |
327,061 29.1% |
189,625 -3.2% |
129,118 6.3% |
209,648 9.3% |
In the second month of 2011, a total of 552 homes exchanged hands, down 8.8% from the previous year; February sales have tended to hover around 600. Another factor that we have to take into consideration was the weather in January, which was unusually cold and snowy for our jurisdiction.
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