Real Estate Market Update: November 2014

We just wanted to update you all on the latest market stats in London! If you like the video's please subscribe and share and we'll keep posting them.

Election signs did not deter sales last month

November 3, 2014

In fact, October 2014 proved to be the sixth consecutive month in which area home sales outpaced those of the previous year:

  • in May by 5%
  • June by 23.4%
  • July by 24.4%
  • August by 13.6%
  • September by 11.1%
  • October by 8.4%.

698 homes sold last month, making it the best October since  2007. "Year to date, 7,474 homes have exchanged hands in our jurisdiction," says Jim Holody, President of the London and St. Thomas Association of REALTORS®. "That's 7.6% more transactions than last year at this time." According to research by the Altus Group, one job is created for every real estate transaction and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "By this calculation," says Holody, "home sales in LSTAR's jurisdiction have spun off $411,070,000 into the economy in the first ten months of the year alone and created 2,491 jobs – great news for our local economy."

572 detached homes exchanged hands last month, up 10%; condos were up 1.6%, with 126 sales. Listings were also up 5.2% for detached homes and 21.3% for condos. Overall inventory was down 0.5%. The market continues to be balanced. 

St. Thomas also performed well in October. 49 homes sold in that City last month – up 2.1%. Year to Date sales in St. Thomas are up 2.9% overall and the average price of a home in that City Year to Date is $202,609, up 0.5%.

The average price for a home in Elgin and Middlesex Counties Year to Date was up 3.8% for detached homes ($270,935) and 2.4% for condos ($182,670). The average price for all homes in the London and St. Thomas area Year to Date stands at $254,178, up 3.4%.

The following chart, based on data taken from CREA's National MLS® Report for September 2014 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.