The London Free Press reported that home sales in the London and St Thomas area heated up in August, jumping 21.7% compared with the same month last year. The London-St Thomas Association of Realtors said 763 homes sold last month: 620 detached homes and 143 condos. Association president Jack Lane said August sales were above the long-term average of 753 sales for the month. More sellers entered the market; the number of active listings was up 9.8% by month’s end. The market is balanced between buyers and sellers despite the jump in listings, Lane said. “Homes may stay on the market a little longer than they have previously, but the good news is that things are definitely moving.” After a slow winter and spring, the local real estate market has been on the rebound since June. Year-to-date sales are still 2.9 % below January to August last year, but Lane said there’s time to make up the gap. The average sale price for a detached home in August was $237,285, up 1.2% from July.
Most of the Realtors in the Grand Bend area are members of the London and St. Thomas Association of Realtors.