Real Estate Market Update March 1st 2015 + a story about a buyer losing their deposit on a $2 Million dollar home

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
2 storey-127-$331,566
Bungalow    -92-avg-$204,146
Ranch-56-avg$304,311
Townhouse-38    -avg-$155,442
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