Friday, February 5, 2016

Market Holds Steady

Stacey Evoy, 2016 President of the London and St. Thomas Association of REALTORS®. said that 455 homes exchanged hands in the first month of 2016; this represented only -0.8% less for Detached and down -17.9% for Condos, for a total of -4.2% over the previous January. "You have to keep in mind that last January was the second best January Sales since 2007, so this month's stats show our market is steady"
1,053 properties were listed in January, down 11.6%, and Active Listings End of Period – or inventory – was also down 16.0%. "Our market continues to be balanced," says Evoy. "However, if you're thinking of selling, it might be an idea to list ahead of the spring rush."
In the Grand Bend area the market is considerably better than 2015, with more listings and sales everywhere, with this spring like weather. If you can remember last January we were in the deep freeze!
With the average price in London at an affordable $290,000 the spinoffs help the entire region with jobs. According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Evoy. "Here, at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."

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