The London and St Thomas Association of REALTORS® (LSTAR)
announced another record month for residential sales in March, with a total of
1,242 homes sold, an increase of 44% over the same period last year. This
represents the best results ever for March since LSTAR began tracking sales
data in 1978.
"We continue to experience a very robust marketplace, with
some very strong year-to-date sales as well," said Jim Smith, LSTAR 2017
President. "After the first quarter of 2017, year-to-date sales are up by
30.4%, compared to 2016. We've been telling consumers who are thinking about
putting their home on the market that current conditions are very encouraging.
You have to go back to 2004, the only other instance when sales surpassed 1,000
homes in March."
In March, a total of 1,006 detached homes were sold, an increase
of 46.9% over the previous year, while there were 236 condominium sales, up
34.9% from 2016. The average sales price was $329,218 - up 6.9% from the
previous month. In looking at the first quarter of 2017, the average sales
price was $314,847, up 12.8% from the first quarter of 2016.
"March started to see mild, spring-like temperatures in
weather, and this could also have been a factor helping the month's
sales," Smith said. "We continue to see the trend of low supply and
high demand, with the number of listings down 7.9% compared to a year ago. Now
more than ever is an ideal time to get in touch with a REALTOR®."