The London and St. Thomas Association of Realtors (LSTAR) announced the region’s best January on record this year, with a total of 574 homes sold – representing a 26.2% year-over-year increase.
“We’re off to a tremendous start this year with our best January ever,” said Jim Smith, LSTAR 2017 President. “The trend of high demand and low supply continues, with January experiencing a 12.2% decrease in the number of listings compared to the previous year. Those thinking of selling may want to consider maximizing the current market conditions.”
Last month, a total of 434 detached homes were sold, an increase of 15.1% year-over-year.
A total of 140 condos were sold (+79.5%).
The average sale price, meanwhile, increased 0.5% to $285,418.
“We saw a huge boost in condominium sales, with almost double the number of units sold in 2017,” Smith said. “It represents very robust activity happening in the condominium market, again with less listings available compared to 2016.”
St. Thomas, itself, also had a strong January, with a total of 55 home sales – an increase of 139.1% year-over-year.
“Real estate is providing a huge boost to the local economy,” Smith said, citing a report that states one job is created for every three real estate transactions. “When we look at January, that means residential sales created 191 jobs and more than $30 million was generated into the local economy.”
It’s not just Toronto breaking real estate records.