Home sales in London and St. Thomas reached their highest September level since at least 1978, the year the region’s real estate agents association began tracking sales.
There were 866 home sales – 716 detached and 150 condos – in September, a rise of 3.1 per cent compared to a year earlier. It was the fourth record-breaking month of 2016 along with April, June and August.
Listings were down 15.5 per cent while inventory slumped by more than a third and London St. Thomas Association of Realtor’s president Stacey Evoy says that the fall is a great time for sellers to enter the market as demand remains high.
She also highlighted the contribution that the real estate industry makes to Southwestern Ontario: “September home sales in LSTAR's jurisdiction spun approximately $45,898,000 into our local economy and created approximately 288 jobs.”
Year-to-date home prices averaged $278,311, up 5.8 per cent compared to the same period of 2015.