Underdog market continues to win big

by Justin da Rosa05 Apr 2017
Records continue to fall in markets outside the country’s hottest city

The London, Ontario region experienced record home sales in March.

A total of 1,242 homes were sold, an increase of 44% year-over-year, and a record for the month.

“We continue to experience a very robust marketplace, with some very strong year-to-date sales as well,” said Jim Smith, LSTAR 2017 President. “After the first quarter of 2017, year-to-date sales are up by 30.4%, compared to 2016. We’ve been telling consumers who are thinking about putting their home on the market that current conditions are very encouraging. You have to go back to 2004, the only other instance when sales surpassed 1,000 homes in March.”

In terms of homes sold, 1,006 were detached, up 46.9% year-over-year.

Condos, meanwhile, accounted for 236 sales, up 34.9% over the same month last year.

Prices jumped 6.9% month-over-month to an average of $329,218.

“March started to see mild, spring-like temperatures in weather, and this could also have been a factor helping the month’s sales,” Smith said. “We continue to see the trend of low supply and high demand, with the number of listings down 7.9% compared to a year ago.”

For Q1 2017, the average home price was up 12.8% year-over-year at $314,847.

Source: The London and St. Thomas Association of Realtors (LSTAR)

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