June 2016: London Ontario’s Best June for Real Estate Sales…Ever
Once again we hear the news that the resale home market remains very strong here in London, Ontario. June 2016 saw 1,133 homes change hands, a record for the month of June. Sales are up year-to-date by 8.6%. At the same time we are seeing rising sales numbers, we are also seeing falling inventory numbers. Only 1,612 homes were listed last month, down 9.2% from June of 2015. The over all number of active listings is down a whopping 24%. This is a recipe for a seller’s market. The verdict: because of the short supply, now is an excellent time to list your home for sale.
The numbers in St. Thomas are positive, but not as robust as London’s. Even though sales are up 5.4% for the year, June 2016 was off 10.6% from the previous year’s June. As with London, the number of listings are down 33.3% from this point last year. Prices in St. Thomas have seen a modest 1.1% increase from last year.
In London the busy market has contributed to a 4.7% jump in the average price of a detached home, up to $295,365. The average condo was up 5.1% to $199,465. Over all, combining detached homes and condos, the average price in London is now $277,084, up 4.8% year-over-year. Even with this increase, London remains one of Canada’s most affordable places to buy a home. Also, we are a stable market, avoiding some of the overheated excesses of Vancouver and Toronto.