Record May for London and area home sales

The real estate market in the London area is hot and local realtors have the stats to prove it.

The London and St. Thomas Association of Realtors (LSTAR) says it saw the highest number of monthly sales ever last month. It’s been tracking sales data since 1978 and in May, there were 1,539 homes sold, a 33.4 per cent increase over the same time last year.

READ MORE: More than 70 per cent of London homes selling under multiple offers, says local real estate broker

“We’re experiencing a very strong marketplace, with the fifth consecutive month of record sales,” said LSTAR president Jim Smith in a news release.

“Realtors are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region’s low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27 per cent ahead of 2016.”

The average year-to-date sales price across London and St. Thomas was $330,890, up 18.6 per cent from last year’s average of $279,057.

The best-selling house style in May continues to be the two-storey home, followed by the bungalow and ranch.

“We understand the city and local home builders are working closely to bring more permit ready residential lots in the second half of the year, which contributes a tremendous boost to the economy,” said Smith.

“The news of high-speed rail is also encouraging, and this may be a huge factor toward a future building boom in home construction.”

READ MORE: London-St. Thomas housing market sees ‘best January ever’

LSTAR says May was the fifth consecutive month of record sales and realtors are seeing multiple offer scenarios and interest from outside the region.

Data from the Canadian Real Estate Association’s (CREA) National MLS® Report for April 2017 shows the average sales price for a London and St. Thomas home was $352,560, still far below the national average of $536,028.