February Sales are Great!

The London St. Thomas Association of Realtors reported that 652 homes sold in February, up 21.9% over February 2015. "That makes last month the best February since 2008!" says Stacey Evoy, 2016 President of the London and St. Thomas Association of REALTORS®. " Year-to-Date home sales are up 9.6%.

1,146 homes were listed in February, down 2.7%, and Active Listings End of Period – or inventory – was down 19.1%. "According to the Canada Mortgage and Housing Corporation's forecast, sales are expected to grow more than new listings in 2016," says Evoy. "If you're thinking of putting your home on the market, this would be a great time to do that."

The best-selling house style in LSTAR's jurisdiction for February 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year to Date stood at $289,572 - up 2.6%, while the average price for a condo over the same period stood at $191,940, up 1.1%. The average price of all homes sold through LSTAR's MLS® Year to Date stood at $271,018 - up 2.5%.