The London and St Thomas Association of REALTORS® (LSTAR)
announced 2016 was a historic year for real estate, with residential sales surpassing
10,000 for the first time. In 2016, a total of 10,193 homes were sold, up 8.8%
from 2015.
"Overall, it was an incredible year for residential real
estate in our region," said Stacey Evoy, LSTAR 2016 President.
"Throughout 2016, we observed high demand with low supply that contributed
to a very robust marketplace. Six months of the year saw their best sales since
LSTAR has been tracking data, which speaks to why the industry thrived in
2016."
In 2016, a total of 8,260 detached homes were sold, an increase
of 9.2% over the previous year, while there were 1,933 condominium sales, up
7.2% from 2015.
"We saw a 10.4% decrease in the number of home listings,
with a total of 14,867 listings for the year," Evoy said. "This
illustrates the high demand and low supply, with inventory (what we call Active
Listings End of Period) down 39.2%."
Just like the Real Estate Board the Grand Bend area was a great year for sales in the area.
