November Sales Cool!

Sales of detached homes dipped 15.9% in November 2012, with 417 homes exchanging hands.  Sales of condos, however, were up 18.8%, with the result that, Year-to-Date, total sales are down only a modest 0.3%.  “With the exception of last month, condo sales have been quite slow over the past half a year,” says Barb Whitney, President of the London and St. Thomas Association of REALTORS® (LSTAR), “so it’s good to see that condos starting to move well again.” Altogether 512 homes sold, down 11.1% from the previous year.

New listings were down 12.9% for detached homes and 9% for condos.  Overall new listings were down 12.1%. Inventory – the number of active listings at month end – was also down 5%. However, “Sales to new listings ratio, a measure of market balance, confirm that our market remains a balanced one,” says Whitney.

Here in Grand Bend we are slowing down as well but the upper end properties have been selling, even in November, so Mark and I have been keeping busy.