The Ontario Real Estate Association reported that Residential sales in Ontario numbered 10,323 units in Jan., up 4.9% from last year. New listings declined 10.6% and the average house price for homes in the province rose to $466,050 up 11% from 2015! That price is certainly influenced from the Toronto market as prices in the London area are less than $300,000.
The sales to new listings ratio was 65.2% in January making this a slight sellers market at least in the province overall. The ratio between 40-60% is generally consistent with a balanced market, which this area has.
1,053 properties were listed in January, down 11.6%, and Active Listings End of Period – or inventory – was also down 16.0%. "Our market continues to be balanced," says Evoy. "However, if you're thinking of selling, it might be an idea to list ahead of the spring rush."
In the Grand Bend area the market is considerably better than 2015, with more listings and sales everywhere, with this spring like weather. If you can remember last January we were in the deep freeze!
With the average price in London at an affordable $290,000 the spinoffs help the entire region with jobs. According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Evoy. "Here, at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."
In the Grand Bend area the market is considerably better than 2015, with more listings and sales everywhere, with this spring like weather. If you can remember last January we were in the deep freeze!
With the average price in London at an affordable $290,000 the spinoffs help the entire region with jobs. According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Evoy. "Here, at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."
