Thursday, May 14, 2015

The Market Springs to Life

The Spring market is off to a good start with 964 homes exchanging hands in April 2015, up 15.3% over the previous April." This makes last month the second best April in the past decade – second only to April 2010," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. 776 detached homes sold last month, up 16.5%, along with 188 condos, up 10.6%. Average price, Year-to-Date, was also up 2.2% overall. The average price for a detached house Year-to-Date stood at $278,094, while the average price of a condo for the same period stood at $184,982.

Listings were also up 5.4%, while inventory – active listings end of period – were down a marginal 0.2%. "We still have a good supply of listings," says Vandergoot, "and our market continues to be a balanced one, good for both buyers and sellers.
However, supply does seem to be tightening up a little, meaning that, if anybody’s thinking of listing their home, now might be an excellent time to do it."
The market here in Grand Bend has been very active as well with our sales up almost double from the same time last year. With the snow finally gone and the May 24 weekend upon us it looking like a very good year ahead for this market.