2016 Marks Milestone Year for Real Estate

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.

RE/MAX Just Released the 2017 Market Outlook

RE/MAX 2017 Ontario Housing Market Outlook

Best November EVER!

722 homes sold in November 2016, 15.3% over last November and the best November since the London and St. Thomas Association of REALTORS® (LSTAR) began keeping track in 1978. "To get to the runner up for best November ever, you have to go back twenty years to 1996, when 673 homes exchanged hands," says Stacey Evoy, LSTAR's 2016 President, noting that 2016 continues to break records, scoring the best September, April, June, August, October, and now November – six months in total. Year to Date, sales are up 9.8%.

Listings were down 12.5% in November, while inventory – as represented by the number of active listings at month end - was down 36.6%. "If you have thoughts of listing your home, now is a perfect time to do so. As we have seen throughout 2016, we have a high demand with a low supply. Timing is perfect," says Evoy.

 

Just as President Stacey says it is the perfect time to sell your home or cottage and with the snow not flying here yet it is still not too late!

 

Best September EVER

866 homes sold in September 2016 with a break down of 716 detached homes and 150 condos, showing 3.1% over last September and the best September since the London and St. Thomas Association of REALTORS® (LSTAR) began systematically tracking sales back in 1978. "2016 has been a year of breaking records," says Stacey Evoy, LSTAR President. "Not only has this past month been the best September ever, we've also had record breaking months of April, June and August."

Percy Schneider - "Realtor"

Hi Everyone

Just wanted to pass along the unfortunate news Percy Schneider passed away Monday at Stratford General Hospital. He was one gentleman and a great commercial realtor for over 50 years. It was a pleasure to know him.

Lets keep him in our minds today and send our thoughts to his family 

http://www.wgyoungfuneralhome.com/index.php/obituaries/item/1129-percy-schneider

New listing at Townsend Meadows in Forest. This 1550 sq.ft. Town Home has custom oak cabinets, Engineered Flooring 1 1/2 car garage, 2 beds, 2 full baths, in floor heating and is fully wheelchair accessible. Open house Sundays 12 - 3.

July Home Sales Finish Strong

990 homes exchanged hands in July 2016, making last month the best July ever with the exception of July 2007, which set the all-time record for July with 1,009 sales. "These kinds of numbers, month after month after month, speak to the vibrancy of our current market," explains Stacey Evoy, President of the London and St. Thomas Association of REALTORS®. 807 detached homes sold last month along with 183 condos. Year-to-Date sales are up 8.2%.

Listings, on the other hand, were down 22.6% this month and Active Listings End of Period - or inventory - was down 28.2%. "It's no exaggeration to say that supply is extremely tight right now," says Evoy. "That makes this an incredibly good time to list."

 

The best-selling house style in LSTAR's jurisdiction for July 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

The average price for a detached home Year-to-Date stood at $295,769 up 4.8%, while the average price for a condo over the same period stood at $200,292, up 5.5%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,660, up 5%.