The London Ontario market continues to be very busy. 990 homes exchanged hands in July 2016, making last month the best July ever with the exception of July 2007, which set the all-time record for July with 1,009 sales. 807 detached homes sold last month along with 183 condos. Year-to-Date sales are up 8.2%.
New listings, on the other hand, were down 22.6% this month as compared to July 2015 and the overall number of listings – or inventory – is down 28.2%. This makes for a very good situation for sellers. It is a great time to list your home. It can, at the same time, be a challenge when trying to buy.
The strong market is having an effect on prices. The average price for a detached home is now $295,769, up 4.8% for the year-to-date. The average condo price is now $200,292, up 5.5%. Over all, the average price for all homes is $277,660, a year-to-date increase of 5%.