Sunday, December 4, 2011

The Condo Market is soft!

Home sales in November 2011 dipped 7.1%, due in large part to a drop in condo sales. “Sales of detached homes were down only a marginal 1.8% from the previous November,” says Jack Lane, President of the London and St. Thomas Association of REALTORS®. “It was the condo market that was soft. Bear in mind, however, that condo sales for November 2010 were up 16.2% over November 2009, so the bar was set pretty high. The good news for condo sellers heading into an early Spring market is that there will be pent-up demand; the good news for buyers interested in condos is that there will be plenty of supply at a very reasonable price.” Overall Year-to-Date sales of all house types are down a modest 1.1% from last year. Listings were up 1.6% in November, at month-end the Association’s inventory of listings stood at 3,414, and the average price for a home (including condo sales) in the Association’s jurisdiction stands at $234,602, up 0.2% from the previous month. The year to day average price now stands at $232,819 which is up 4.1% over January 2011.
The news from St. Thomas was very positive. Fifty homes sold in London’s Sister City in November, up 22% from November 2010. The average price for a home in St. Thomas Year to Date stands at $185,303.

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