This past winter was long and cold for everyone, and the real estate market in London, Ontario and the surrounding areas seemed like it went into a bit of a hibernation as as result. Things were slow to thaw and a late spring contributed to the extended winter. However, it looks like the summer has been making up for lost time and overcompensating for the low number of sales in the early months of the new year.
According to the London and St. Thomas Real Estate Board, July 2014 was the best July in the past 7 years for the region. The high number of home sales indicate a strong recovery for the local real estate market in London and St. Thomas area.
Average Prices for July 2014
2-Storey Home: $348,575
Bungalow was $199,952
The total number of sales (detached homes and condos) were up 24.4%, with a total of 199 condo sales (apartments and townhouses) and 781 detached (which includes 2-storeys, bungalows, ranchers, townhouses) homes sales.
Two-storey homes sold the most, with 232 units at an average price of $348,575, followed by bungalows, ranchers, townhouses and condos. The following table (information courtesy of LSTAR) breaks down the units sold and average price for all house styles.
The real estate market in London, ON is balanced for both buyers and sellers. If you’re ready to take advantage of the current market conditions, contact me to schedule a time to discuss your real estate goals. Visit Homes for Life for more information about living in London, ON and how I can assist you with your real estate journey.