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."
