It’s been a wild year for the local real estate market, but it looks like the momentum may be slowing down.
The London and St. Thomas Association of Realtors (LSTAR) says 892 homes were sold in the area in August, nearly an 11 per cent drop from the same month last year.
“Compared to August 2016, which holds an unprecedented record, the August 2017 numbers represent a slight decrease in homes sales activity. However, if you look at the historical data, last month turns out to be the best August for our Realtor Members since 2005,” said Jim Smith, 2017 LSTAR President.
He said overall 2017 has been incredible and sales are expected to remain fairly strong through the remainder of the year.
LSTAR says the best-selling house style in August in their jurisdiction continues to be the two-storey, followed by the bungalow.
The organization reported 1,002 homes were sold in July, falling just short of setting a record.
As of last month, the average year-to-date sales price was $329,745, up 18.2% from 2016.
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