Residential sales figures released Thursday by the London and St. Thomas Association of Realtors (LSTAR) show January 2017 was the best January the local real estate market has seen in the 39 years the organization has been tracking sales data.
According to LSTAR, a total of 574 homes were sold in the region last month, 26.2 per cent more than January 2016. Separating the data, the organization says 434 detached homes and 140 condominiums were sold, increases of 15.1 per cent and 79.5 per cent, respectively.
“We’re off to a tremendous start this year with our best January ever,” said LSTAR President Jim Smith in a statement.
January saw a 12 per cent decline in the number of local listings compared to last year, the result of a continuing trend of high demand and low supply, Smith said.
“Those thinking of selling may want to consider maximizing the current market conditions,” Smith said.
LSTAR says the average sale price for the London and St. Thomas market rose slightly from $284,017 in December to $285,418 in January, an increase of 0.5 per cent. The average price of a detached home rose 2.3 per cent from December to $313,870, while the average price of a condominium increased 2.8 per cent to $197,190.
Average sale prices in London and St. Thomas fall below the national average of $486,388, according to figures from the Canadian Real Estate Association’s National MLS Report, released in December.
The most expensive markets, the report says, are Vancouver and Toronto, with average sale prices of $972,529 and $773,251, respectively.
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