"We're experiencing a very strong marketplace, with the fifth consecutive month of record sales," said Jim Smith, LSTAR President. "REALTORS® are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region's low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27% ahead of 2016."
In May, a total of 1,209 detached homes were sold, an increase of 28.6% over the previous year, while there were 330 condominium sales, up 54.2% from 2016. The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057.