New Flooding Grant program available in London Ontario will give residents some reprieve. Take a look at the images below and check the links out to see if you qualify!
Despite Media interpretation the London and St.Thomas Market is still very active. With daily listings being posted in numbers (60-120 depending on the day, 112 today) and properties closing on regular basis (62 today), buyers and seller are indeed active.
New Flooding Grant program available in London Ontario will give residents some reprieve. Take a look at the images below and check the links out to see if you qualify!
The London and St Thomas Association of REALTORS® (LSTAR) announced another milestone for residential sales across the region, with the best January results since LSTAR began tracking sales data in 1978. A total of 574 homes were sold in January, an increase of 26.2% over last January.
"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."
In January, a total of 434 detached homes were sold, an increase of 15.1 % over the previous year, while there were 140 condominium sales, up 79.5% from 2016. The average sales price was $285,418, up 0.5% from the previous month.
"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 also had a very healthy January, with a total of 55 homes sold, up 139.1% from the same time last year. The average home price in St. Thomas was $192,474, down 28.1% from the previous month.
** source: http://www.lstar.ca/news/strong-start-real-estate-2017
In this episode we go in depth and cover some stats in our marketplace, a support Club for Dad's and two key things you need to know about the mortgage rule changes that are here!! Full stats below. Please feel free to subscribe/share and let us know what we can do on the next episode to bring you more value!!
What is Dad Club?: http://dadclublondon.com/
If you sold property in 2016 make sure you look at this!:
October 3, 2016
866 homes sold in September 2016 with a break down of 716 detached homes and 150 condos, showing 3.1% over last September and the best September since the London and St. Thomas Association of REALTORS® (LSTAR) began systematically tracking sales back in 1978. "2016 has been a year of breaking records," says Stacey Evoy, LSTAR President. "Not only has this past month been the best September ever, we’ve also had record breaking months of April, June and August.”
Listings were down 15.5% in September, while inventory – as represented by the number of active listings at month end -- was down 31.7%. "Demand remains high and supply low," says Evoy."That means that this Fall Market is a great time to list."
Sixty seven homes sold in St. Thomas in September, ten fewer than in September 2015. Evoy cautions, “You have to bear in mind that last year was the best September for St. Thomas since 2007, when we started breaking out the St. Thomas statistics from the rest of the London Census Metropolitan Area.” The ten year average for the month of September in St. Thomas stands at 60. The average price for a home in St. Thomas Year-to-Date stands at $224,233, up 3.4%.
Within LSTAR's jurisdiction, once again the style of house leading the way was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $296,283, up 5%, while the average price for a condo over the same period stood at $201,061, up 5.9%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $278,311, up 5.2%.
** source: http://www.lstar.ca/news/best-septemb...
July 4, 2016
In June 2016 a total of 1,133 homes exchanged hands. That makes last month the best June on record. "Not only are we on a roll, we are on a streak – a winning streak," says Stacey Evoy, President of the London and St Thomas Association of REALTORS® (LSTAR). "April 2016 was the best April ever. May 2016 lost out to May 2007 – the best month in the history of LSTAR – by only 7 units, and June was the best June ever." Sales were up Year-to-Date by 8.6%.
1,612 homes were listed last month, down 9.2%, and Active Listings End of Period – or inventory – was down a significant 24%. "We are still waiting for CMHC to make the final deliberation, but, from where we stand, it sure looks we're starting to move from a balanced market into a seller's market," says Evoy. "Given how tight supply is, if you were thinking of listing your home, now might be a good time to do just that."
Seventy six homes exchanged hands in the City of St. Thomas, down 10.6% from the previous year; Year-to-Date, sales for London's Sister City are up 5.4%. As was the case in London, both listings and inventory were down, 30.5% and 33.3% respectively. The average price of a home in St. Thomas so far in 2016 stands at $232,853, up 1.1%.
House Style Units Sold Average Price
2 storey 296 $382,440
Bungalow 191 $233,326
Ranch 121 $331,274
Townhouse 101 $175,916
High rise apt. condo 45 $160,923
The best-selling house style in LSTAR's jurisdiction for June 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $295,365 up 4.7%, while the average price for a condo over the same period stood at $199,465, up 5.1%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,084, up 4.8%.
Just a quick state of affairs for the Real Estate Market for April 2016. A lot of people don't know that our graet board covers a very large area*, including but not limited to; London Ontario, Grand bend, Bayfield, Lake Huron, Lake Erie, Port Stanley, St.Thomas and surrounding area. (* There are istings from other boards in these areas, our stats reflect that of ur boards listings.)
We also dive into offer strategy when dealing with multiples and a book recommendation to cap it off. Hope you enjoy it and always happy to hear feedback!
This year's TV ad, 'Bikers', introduces consumers to a young couple who just moved into a home they bought without a REALTOR® and who find the neighbourhood welcoming committee isn't quite what they were expecting.
The ad informs potential home buyers and sellers about the type of guidance, expertise and know-how REALTORS® offer during a real estate transaction. The ad sends the clear message that REALTORS® can help mitigate the risks of the biggest financial transaction of their lives.
Here are the 30 second and 60 second TV ads that will be interrupting your regular TV programming:
The television ads are just one component of a multi-channel integrated campaign to promote the value of using a REALTOR®.
Welcome to Episode 15 of #askTheClosers ! New year, new format! We'll be asking the community what matters to them most and going deeper in answering everyones questions. Still happy to provide you all of the latest stat's on our market and any other information you might find relevant! We're truly blessed to be part of such a great community and we want to be of service to you guys.
Ask us on any of these services:
January 4, 2016
2015 proved to be not only the best year for real estate in the jurisdiction of the London and St. Thomas Association of REALTORS® since 2007, but also the second best year in the history of the Association overall. 9,366 area homes exchanged hands over the course of last year, just 59 units short of the 2007 total of 9,425. "The global financial meltdown that led to the collapse of the U.S. housing market back in 2008 negatively impacted Canadian markets as well," says Carl Vandergoot, LSTAR's 2015 President. "Eight long years later, we're pretty much back on track."
A total of 7,563 detached homes sold in 2015, up 9.2% over the previous year, while condo sales, at 1,803 were up 13%. Overall, sales were up 9.9% over 2014.
16,590 homes were listed in 2015, up a marginal 0.6%. Active Listings End of Period – or inventory – were down 14.0%. "We remain in a balanced market," says Vandergoot, "but, given the relatively low supply, now would be a good time for anyone thinking about listing their home to get in the game."
2015 was also a great year for real estate in St. Thomas, with sales totaling 830. Only 2007 was a better year for London’s Sister City and that by only 31 units. The average price of a home in St. Thomas in 2015 stands at $216,800 up 8.5%.
The best-selling house style in LSTAR's jurisdiction for December 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home in 2015 stood at $282,229, up 4.3 %, while the average price for a condo over the same period stood at $189,798, up 3.8 %. The average price of all homes sold through LSTAR’s MLS® stood at $264,435, up 4.1%.
INFO FROM: http://www.lstar.ca/news/2015-banner-...
We love London Ontario, and when we're speaking to investors we find showing photos and Google Maps just doesn't cut it. This video was made to showcase some of the investment options available in our city and some of the things that make London such a dynamic city to invest in.
October 2015 homes sales came in just a hair lower than those of October 2014, the best October since 2007. A total of 695 homes exchanged hands last month, just three shy of October 2014, which saw 698 sales. 577 detached homes sold in October, up a marginal 0.9%, while condo sales dropped 6.3%. Total sales were down a very negligible 0.4%. "Clearly we've hit the mark and are holding steady," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. Year-to-date sales are up over 2014 by 9.8%.
Listings were down for detached homes in October – 14.2% for detached homes and 7.5% for condos. Active Listings End or Period (inventory) was also down 11.4% for detached homes and 0.2% for condos. "We're keeping a close watch on listings to see if we might be starting to shift into a Sellers' market," says Vandergoot. "Whether that is the case or not, with listings this low, now is a good time to list."
The real estate market continued to perform well in St. Thomas in October. Fifty-five homes sold in that City, making it the best October since 2012. The average price of a home in St. Thomas Year-to-Date stands at $217,752 up 8.9%.
The best-selling house style in LSTAR's jurisdiction for October 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $282,585, up 4.4%, while the average price for a condo over the same period stood at $190,067, up 4%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $265,019, up 4.3%.
**Data from : http://www.lstar.ca/news/real-estate-...
October 1, 2015
Not only did 2015 see a best June ever for real estate sales in the jurisdiction of the London and St Thomas Association of REALTORS®, now it’s seen the best September ever! A total of 840 homes sold in September 2015, up 23.2% overall from September 2014. "Year-to-Date we’ve clocked 7,513 transactions," says Carl Vandergoot, LSTAR President. "That's an increase of 10.8%."
Listings were down 2.7% for detached homes, but up 9.4% for condos last month. Active listings end of period – inventory – were down 9.5% for detached homes and up 4.6% for condos. "This September 150 condos were sold. Given that the five year average for September condo sales is 137, last month's figures are pretty much in line with what we expected," says Vandergoot. "It's the market for detached homes that seems to be tightening. If I were thinking of selling a detached home, now is when I'd put it on the market."
September was also the best September for St. Thomas since LSTAR started breaking out that City's sales statistics in 2006. 77 homes sold in St. Thomas in September 2015. The average price of a home in that City Year-to-Date stands at $219,292, up 9.7%.
The best-selling house style in LSTAR's jurisdiction for September 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $282,241, up 4.3%, while the average price for a condo over the same period stood at $191,197, up 4.6%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $264,791, up 4.2%.
**Data Sourced from the London St-Thomas board of Realtors
*All opinions are our own. Curator not liable for decisions made as a result of this information if not directly representing under a documented client relationship.
Just our monthly update outlining the latest Real Estate Sales Statistics. The numbers reflect sales in the London Ontario, St.Thomas jurisdiction, which covers Lake Huron to Elgin and reaches East and West.
Sales states have been record breaking for the last 8 months and this is the first month that we didn't set record numbers. That said, 535 homes sold, beating the average average for past decade of 489.
Listings up 6.2
Inventory down 1.3(active listings at end of period)
We are currently in a Balanced market .
The average price of a home is $248,056.
Full stats below.
March 2, 2015
Despite record-breaking cold, a total of 535 homes sold in February. "Given that the average number of February sales over the past decade stands at 489, I think it's fair to describe February 2015 as a good, solid month for home sales," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He cautions against comparing February 2015's activity with that of February 2014. "It wasn't a typical year. The Polar Vortex had home sales in a deep freeze lockdown in January and February 2014. Comparing the two month-over-month would not only be counterproductive, but it would also give a false impression."
Also up for February were listings by 6.2% - while inventory - active listings end of period – was down a marginal 1.3%. The market continues to be a balanced one.
February 2015 was also a good month for London's Sister City of St. Thomas. "Fifty four homes sold last month, making it the best February on record for St. Thomas since 2007," says Vandergoot. The average price of a home in St. Thomas Year to Date stands at $203,008, up 1.6%."
The average price of a home in the Association's entire jurisdiction, which includes Middlesex and Elgin Counties, stands at $248,056 Year-to-Date, down 2.4%. “This is an average price, rather than a median,” explains Vandergoot. "The figure will fluctuate based on what is sold at what price in any given month.
The best-selling house style in LSTAR's jurisdiction for February 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.
House Style/Units Sold/Average Price
High rise apt. condo- 27-avg-$154,267
* Average Price Year to Date for February 2015
**sourced from http://www.lstar.ca/news/february-sales-solid
Ever heard of a referral website? It’s a website that curates lists of professionals with testimonials and such. It then let’s people pick and choose from those lists, i.e if they needed a plumber or something of the like. What a lot of people don’t know is that behind the scenes these sites, the business model is getting paid referrals for successful completion of a connection. A referral. A company’s is in business to make money so it makes sense.
A couple years ago some people noticed this business model and jumped all over it, created website that did the same for real estate. The caveat being that they had access one amazing tool called the IDX Feed to give them an edge.
When we list your property a few things happen. Prior to our meeting we do a ton of due diligence. We pull sales history, property records, verify zoning, run CMA’s, some other super secret Real Estate analysis and often, we do drive by’s to see your property and the others that have sold in your neighbourhood. Then we come for the preliminary consultation where we get a tour of your home, review it against our preliminary data and have an open discussion about the sales process and likely market value of your home. Then, once you’ve fallen in love with our sales systems and are totally see why were the right team for the job, we sign the listing + data paperwork. This paperwork is submitted to the board and the property hits the local MLS(there are different boards-which we will cover in another post.) The MLS feeds the property to the IDX which is a pipeline that feeds sites like Realtor.ca. Well a couple years ago CREA decided to open up the IDX so agents and brokerages couple publish the feed. The main difference is the IDX feed is live data, where as Realtor.ca is delayed by a couple days.
Sites and brokerages started popping up with the business model that they would use lead capture(landing pages, sites where you can search for properties etc..) by forcing you to input your email to view properties. They then take your info and sell it back to the Realtors, who did all the hard work in the first place to get it on the IDX. Their end game being a 25–35% referral for a successful transaction. Again, they’re in it to make money so makes sense right? The problem we see is that these sites are really good at marketing. That what they do. They’re great at telling you how they’ve spent hours vetting the agents that they refer to you, and that they only work with top producers. They rave about the customer care you’ll receive from their end. Then, they call a agents in the local marketplace, ask them a few questions about their productivity, make sure they agree to the referral and voila- you now have someone your barely know, with no concept of their qualification representing you in the sale or purchase of the largest investment of your life.
We’ll let you decide if you think this is a deceptive business practice. Our business is 95% referral, and our clients are some of the most educated, loyal and hardworking people we know. They’re simply looking for the same loyalty in return, and we’re happy to give it to them. To quote last weeks episode of Suits when it comes to loyalty- “If we’re asking for it, you’re getting it”.
We simply wanted to take a second to break down how the system works.
We list it-> it’s in the pipeline-> lead capture sites tap into the pipeline-> you enter your email to lead capture-> they try and sell you as a lead back to us. There’s all kinds of businesses out there, and the great thing about a free market is there’s room for us all. Some agents base their business off this and to be honest there tons of great ones that do. We just feel there’s a massive lack of transparency in our industry. Watch us change that.
Let us know what you think of the model, and feel free to comment or ask any questions at all!
If you like this content please click below and recommend it and/or share it! It’s a small gesture but would mean the world to us, and provide more jet-fuel to keep pumping out the content!
Market statistics are in for the London and St.Thomas Region of Real Estate in Ontario. Continuing the trend, this January smashed last years numbers yet again. 475 home sales, that's 107 up from last years numbers. In the field we see a lot more activity then we did last year around this time, and it seems that with all the new listings hitting the market daily the spring market is coming early this year. Great news if you're looking to buy up, sell or partake in the market in any way!
The second half of this podcast covers a recent court case where a buyer was suing a seller for misrepresentation leading to water damage. Really interesting case with an intriguing conclusion!
Let us know if you have any questions at all or feel free to contact us any time!
In Real Estate there's often terminology that can be confusing at times. In this series we are looking to dispel some of the confusion and explain the main difference between a "COMP" and a "CMA".
A comparable property (or comp), is an individual property that is used to asses the value of a home. Say for example you own a 2 Storey home, with 4 bedrooms, 2 bathrooms, a finished basement and a property with all these features just sold two doors down from you, then we would definitely call that a Comp. If for example the Comp didn't have a finished basement, only had 3 bedrooms an 1.5 bath then we would be able to attribute values to those items and adjust the market value of your home accordingly.
A "CMA" or Competitive Market Analysis takes into account multiple Comps to come up with the best price. The reason for taking a variety of sales to ascertain the best price is to get an idea of the trends in your area. There's always a ton of info the agent should be looking to find out when doing their assessment;
- Average days on market
- Were there any motivations that caused properties to sell undervalued
- Were there multiple offers on a specific property that made it go over market value.
Make sure you've got representation that's putting in the work to find out all the facts and doing the proper due diligence. A lot of times a good agent with a good network can make the calls and find out things that may make a big financial difference when buying or selling.
Hope this was helpful to you all our there and please subscribe and give us some feedback on our video series. Happy to cover any topics for our audience!
Another Real Estate Market Update from your friends at theClosers.ca. Been a busy 2014 across the board and things are looking bright for 2015. As always if you want any specific info just post in the comments below and we'll be happy to source it for you!
"A total of 475 home sales took place in December, making the last month of 2014 not only the best December since 2006, but also the eighth straight month in a row in which area home sales outstripped those of the previous year:
May by 5%
June by 23.4%
July by 24.4%
August by 13.6%
September by 11.1%
October by 8.4%
November by 4.7%
December by 14.7%
"A total of 8,521 homes sold in 2014, the highest number since 2007, just prior to the global financial meltdown that impacted housing markets in both Canada and the United States," explains Carl Vandergoot, the 2015 President of the London and St. Thomas Association of REALTORS®. "It's been seven lean years, but our market is definitely showing signs of a strong, steady and sustainable recovery."
Also up for the year were listings - a total of 16,492 homes were listed in 2014, up 3.7% - while inventory - active listings at the end of period - was down a marginal 0.5%. Throughout 2014 the market remained balanced.
The average price of a home in the Association’s jurisdiction for the year stands at $254,141, up 3.4% over what it was on December 31, 2013.
The best-selling house style in LSTAR's jurisdiction for 2014 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.
"These stats are good news not just for REALTORS® but for our local economy as a whole," says Vandergoot. "According to research by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. Do the math. You'll be impressed."
2014 also proved a good year for London's Sister City of St. Thomas. "As was the case with London, the best year for home sales in St. Thomas was 2007, when 867 homes exchanged hands," says Vandergoot, "while its second best was 2014, when 708 homes sold." Forty homes sold in St. Thomas in December, making it the best December for that City in the past decade, second only to 2011. The average price for a home in St. Thomas in 2014 stood at $199,885, a marginal 0.8% lower than that of 2013.
The average price for all homes in the London and St. Thomas area for the month of December stands at $252,746. The following chart, based on data taken from CREA's National MLS® Report for November 2014 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres.
**source Lstar: http://www.lstar.ca/news/best-home-sales-2007