London and St. Thomas real estate market heats up in July

The London area real estate market warmed up in July, with 788 homes sold ? a 5.6% increase over the same month last year.

The London and St. Thomas Association of Realtors said the July sales include 630 detached homes and 158?condos, a 25% jump over condo sales in July 2012.

?Condos have been moving a little slowly over the last several months, so it was good to see them rebound so nicely in July,? LSTAR president Doug Pedlar said.

Pedlar said the number of new listings was up 6.9% and total listings were up about 1% ? indicating a balanced market for some time to come.

The London area market started to recover in the spring after a slow winter, but total year-to-date sales of 5,004 homes still lags behind the 5,200 homes sold in the same period last year.

The average year-to-date price for all homes in London-St. Thomas is $247,274, an increase of 3.5% over last year.

The average price for a detached home is $262,627 (up 3.2%,) while the average price for a condo stands at $178,848, up 4.3 %.

hank.daniszewski@sunmedia.ca

twitter.com/HankatLFPress

Thursday, August 1, 2013

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Source: http://www.lfpress.com/2013/08/01/london-and-st-thomas-real-estate-market-heats-up-in-july

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