Market Continues Strong in May

The local housing market continued strong in May 2015, with total sales up 6.8% over the previous year. "In fact, May 2015 is the best May on record since 2007," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He adds, "We can thank job growth, stable mortgage rates and affordable home prices for what is turning out to be a very robust market in our area." 861 detached homes and 194 condos sold last month, when a total of 1,055 homes exchanged hands.

Listings were down 3.7% and inventory – active listings end of period – were also down 2.7%. "Our supply of listings is still good and we would still characterize our market as balanced," says Vandergoot. "But, if supply continues to tighten up, we might find ourselves moving into a sellers market. My advice to any potential sellers sitting on the fence would be to take advantage of the current situation and list."

As of May 31, the average price for a detached home Year-to-Date stood at $281,564, up 4.1%, while the average price for a condo over the same period stood at $189,832, up 3.8%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $263,785, up 3.8%.

Our sales to date here in Grand Bend are up 75% over last year! So we are expecting 2015 to be a banner year for cottage country. There is a good selection of listings available right now and this is a great time to list as well, as the early summer season is usually the most active for sales.