Real Estate Market Update – June 2018
I hope everyone had a great start to their summer! The London real estate market kept ticking along very nicely. Here is your update for the month of June 2018.
LSTAR (The London and St Thomas Association of REALTORS® ) released the following market data:
- Average June sales price in London and St. Thomas was $370,247
- Up 10.5% from June 2017
- Up 32.7% from June 2016
- 1,080 homes* were sold in June
- This is a drop of 14.6% over the same time last year
LSTAR President Jeff Nethercott offered the following observations: “The home sales in June continue the strong momentum we saw in May, setting the stage for a very robust season for resale homes this summer. Sales activity remains above the 10-year average, as the marketplace continues to manage the lowest inventory levels since 2009. Average home prices are making slight gains all across the region.”
Breakdown By Area
- Average June sales price at $295,541
- Up 11.7% from June 2017
- Up 34.7% compared to June 2016
- Average sales price of $479,237
- Up 11.6% from June 2017
- Up 39.9% compared to June 2016
- Average sales price of $372,881
- Up 9.2 % from June 2017
- Up 36.6% from June 2016
- 99 homes sold in June
- Down 9.2% from the same period last year
- Average home sales price in St. Thomas was $294,471, up 5.5% from June 2017 and up 25.7% from June 2016.
Average Sale Prices Across Canada
The following chart is based on data taken from the CREA National MLS® Report for May 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.
DID YOU KNOW?
The average sales price in London & St Thomas has increased 72.0% compared to the average sales price 10 years ago.
According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “The real estate space is a huge catalyst to the economy, generating potentially more than $57 million in June,” Nethercott said. “Helping to create approximately 360 jobs, the business of real estate affects everyone. It’s an integral part of building our local communities and solidifying the long-term growth of the diverse neighbourhoods that our REALTOR® members passionately serve.”