Real Estate Broker

PRIME MARKET UPDATE: OCOTOBER 2018

home sales remain strong in september

October 4, 2018

London and St. Thomas Association of REALTORS® (LSTAR) announced 776 homes* were sold in September, down 6.1% over the same month last year. The number of home resales are above the 10-year average, despite low inventory in the marketplace.

“All year we’ve been managing the challenges of low supply and it continues to impact home resales,” said Jeff Nethercott, 2018 LSTAR President. “What we did experience was a large increase in the average price for resale activity. In September, the average sales price was $386,520, up 21.0% compared to a year ago, and up 57.9%, compared to just five years ago.”

All major London centres saw jumps in their average sales price in September. Making the biggest gain was London North, where the average sales price was $498,138, up 28.1% from 2017 and up 70.5% compared to five years ago. In London South (which also includes data from the west side of the city) had an average sales price of $385,635, up 18.0% from 2017 and up 48.8% compared to five years ago.

Meanwhile, London East saw an average sales price of $302,452, up 10% from last September and up 51.4% compared to five years ago. It’s only the second time in the last 10 years that London East had an average sales price above $300,000.

“While the average price for home resales may be on the rise, inventory (what is called active listings) continues to decline,” Nethercott said. “Last month, there were 1,640 active listings in LSTAR’s jurisdiction, marking the lowest level of September inventory in the past 10 years. The sales-to-new listings ratio was 64.5%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market). Breaking it down further by geography, London East had a sales-to-new listings ratio of 76.8%.”

In St. Thomas, the sales-to-new listings ratio was 107.2%, with a total of 74 homes sold in September, up 8.8% from the same time last year. The average home sales price in St. Thomas was $321,473 up 20.2% from September 2017 and up 69.9% compared to five years ago. This is the highest average sales price St. Thomas has experienced in the past 10 years.

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated each time a home changes hands in Ontario. “It is critical to understand the huge economic impact the business of real estate makes across the entire region and beyond,” Nethercott said. “The September resale activity has generated potentially more than $41 million and helped create approximately 258 jobs, affecting every facet of real estate, from retailers to contractors, and manufacturers. We cannot underestimate the contributions this profession delivers to the community.”

The London and St. Thomas Association of REALTORS® (LSTAR) exists to provide its REALTOR® Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada’s 15 largest real estate associations, representing over 1,700 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign. *These statistics are prepared for LSTAR by the Canadian Real Estate Association (CREA) and represent a data snapshot taken on October 1, 2018, based on processed home sales activity between September 1 and 30, 2018.

SOURCE:

https://www.lstar.ca/news/home-sales-remain-strong-september

PRIMETIME EPISODE 18

A little insight into our day to day. Locally owned #RealEstate firm with Global reach

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Serving London Ontario, Grand Bend, Bayfield, and Elgin and Middlesex Counties

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Residential, Commercial+ Investing specialists💰

MEET PRIME; JAMIE DODDS

Meet Jamie Dodds.

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💡HBA from the Richard Ivey School of business.

📞Absolutely relentless when it comes to representing his clients to the fullest

💰And on of the most creative people we’ve ever seen at saving his clients money.

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We couldn’t be more honored and proud to have him as head of our Commercial division.We truly believe success begins and ends with the team. Nobody succeed in this business alone, at least not in the long term. We received a number of calls lately on how many commercial buildings we are selling, and leasing, and a lot of it has to do with the infrastructure that we built as a team. Jamie is absolutely crucial to what we do. We get fired up every time we work on a project or creative solution for our clients with Jamie. As with everything else we do, we aim to provide next level service, and cutting edge systems for our clientele and Jamie fits that role and then some.

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If you’re looking to buy or sell commercial properties, or need a new location for your business, hit us up and will connect you.

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Go follow him @jamiethecloser on Instagram and watch his adventures there!

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PRIME TIME EPISODE 17

A little insight into our day to day. Locally owned #RealEstate firm with Global reach

🌍

Serving London Ontario, Grand Bend, Bayfield, and Elgin and Middlesex Counties

✈️

Residential, Commercial+ Investing specialists💰

FOLLOW PRIME

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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

LEASED!!!!

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#LEASED

Super excited to get another flagship #Ldnont building under contract. Our downtown is by far one of the most vibrant and the community of #makers and #entrepreneurs we have here is second to none. Proud and honored to have repped both of these amazing firms involved in this transaction and looking forward to a lifelong friendship and growth

CLOSING TIME 11: DOWNTOWN LONDON ONTARIO, GRAND BEND AND BEYOND

A little insight into our day to day. Locally owned #RealEstate firm with Global reach🌍Serving London Ontario, Grand Bend, Bayfield, and Elgin and Middlesex Counties✈️Residential, Commercial+ Investing specialists💰


FOLLOW THE CLOSERS
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