CRE

Market Update June 20th 2018- THE END OF THE WORLD

home sales strong in may, with best monthly numbers in 2018
June 5, 2018

The London and St Thomas Association of REALTORS® (LSTAR) announced 1,171 homes* were sold in May, down 24.4% over the same time last year, which saw a record-setting month for May with 1,549 homes sold. The May 2017 home sales stands as the highest ever sales month in LSTAR’s history, since the Association began tracking sales data in 1978.

"We're very encouraged by the sales in May, which represent the third best May results LSTAR has had," said Jeff Nethercott, 2018 LSTAR President. "The homes sold are actually above the 10-year average, despite the ongoing challenge of low inventory in the marketplace. Similar to what’s happened each month this year, home prices continue to gradually increase across the region, as fewer homes are available for sale.”

The average May sales price in London and St. Thomas was $366,096 up 6.4% over May 2017 and up 28.4% over May 2016. By geographic area, London South was $370,851 up 4.4% from last May. In London North, average home sales price was $451,556 up 4.7% compared to the previous year, while in London East, it was $291,359 an increase of 11.1% from May 2017. In St. Thomas, it was $288,723 up 11.2% over last May.

"The big trend we continue to see in the marketplace is low inventory, which remains at its lowest level in 10 years," Nethercott said. "In May, there were 1,643 active listings, down 7.7% from this time last year and down 44.6% from May 2016. The sales-to-new listings ratio was 70.8%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers. With warmer temperatures and summer around the corner, it's a great time to contact your local REALTOR® if you're considering selling your home."

St. Thomas saw a total of 100 homes sold in May, down 12.3% from the same period last year. For inventory, there were 82 active listings, down 28.1% from last May and down 49.7% from May 2016.

The following chart is based on data taken from the CREA National MLS® Report for April 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

SOURCE:  https://www.lstar.ca/news/home-sales-strong-may-best-monthly-numbers-2018

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#THECLOSERSDAILY : EPISODE 143: BULLY OFFERS PT.1

Closers daily episode number 143 I think, might be 144, but we're getting pretty far along either way. Bully Offers, so what's a bully offer? Bully offer is when an agent sets and offer date let's say Thursday at seven pm on a property and a buyer decides that they're going to make their agent submit an offer prior to the bully date. There's two ways of that playing out One, if the listing agent did his job he would have explained that there's something called a form 244 that the seller has the option of signing. If they sign the 244 then the buyer's agents can't be submitting offers prior to the actual offer date in time or the sellers have indicated that they will not look at them before that date if they haven't signed 244 form because maybe they're expecting somebody to throw an offer of a million bucks on their property or just pay a crazy price, then the seller agent legally has an obligation to present any offers that they received to those sellers. That preliminary conversation is very, very important whether or not the listing agent has that form 244 signed. More on bully offers in the next couple days but that's one thing that you definitely need to know

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 142: ILLEGAL ACTIVITIES

This is daily episode number 142, so this one's investment property focused and I was actually touring with two of my favorite clients today and we were laughing because London's gone through some interesting bylaw changes when it comes to the licensing. And to be quite honest with you, even if something's being advertised as a legally licensed investment property, it doesn't mean anything to us anymore unless we know that license was issued after January this year, the city previously wasn't actually inspecting properties. It was a self-certification checklist. Now the city's actually going around, checking stuff out, and a lot of the stuff isn't gonna end up being legal so be very careful what you buy out there.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 48: WYNN WILL IT STOP

The Closers Daily Episode 48. Almost midnight, getting home from a crazy week of travel. But as always we're gonna get this content to you guys daily. And this one's gonna cover the new foreign buyer tax that was just announced by the provincial government. So in BC a little while ago they instituted a foreign buyer tax, thinking they could control the housing market with it and stem some of the crazy price increases and where the real estate market was going there. They decided to do the same thing in Ontario, mainly because of what's been happening in Toronto but actually if you go and search a guy named Simon Giannini he's one of the top real estate agents in Toronto. And he had an interesting point. Only three percent of the sales in Toronto have been from foreign buyers. So you know whenever the governments intercedes and tries to control commodities using regulation it doesn't typically end well. It's gonna be really interesting to see what happens over the next little bit. Next couple days of the series we'll dig in, talk to some different people and get some different perspectives on the issue but that's something you definitely need to know about. Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

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