Statistics

Real Estate Market Update March 1st 2015 + a story about a buyer losing their deposit on a $2 Million dollar home

Just our monthly update outlining the latest Real Estate Sales Statistics. The numbers reflect sales in the London Ontario, St.Thomas jurisdiction, which covers Lake Huron to Elgin and reaches East and West. 

Sales states have been record breaking for the last 8 months and this is the first month that we didn't set record numbers. That said, 535 homes sold, beating the average average for past decade of 489. 

Listings up 6.2 
Inventory down 1.3(active listings at end of period)

We are currently in a Balanced market .

The average price of a home is $248,056. 

Full stats below. 

March 2, 2015

Despite record-breaking cold, a total of 535 homes sold in February. "Given that the average number of February sales over the past decade stands at 489, I think it's fair to describe February 2015 as a good, solid month for home sales," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He cautions against comparing February 2015's activity with that of February 2014. "It wasn't a typical year. The Polar Vortex had home sales in a deep freeze lockdown in January and February 2014. Comparing the two month-over-month would not only be counterproductive, but it would also give a false impression."

Also up for February were listings by 6.2% - while inventory - active listings end of period – was down a marginal 1.3%. The market continues to be a balanced one.

February 2015 was also a good month for London's Sister City of St. Thomas. "Fifty four homes sold last month, making it the best February on record for St. Thomas since 2007," says Vandergoot. The average price of a home in St. Thomas Year to Date stands at $203,008, up 1.6%."

The average price of a home in the Association's entire jurisdiction, which includes Middlesex and Elgin Counties, stands at $248,056 Year-to-Date, down 2.4%. “This is an average price, rather than a median,” explains Vandergoot. "The figure will fluctuate based on what is sold at what price in any given month.

The best-selling house style in LSTAR's jurisdiction for February 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

House Style/Units Sold/Average Price
2 storey-127-$331,566
Bungalow    -92-avg-$204,146
Ranch-56-avg$304,311
Townhouse-38    -avg-$155,442
High rise apt. condo- 27-avg-$154,267

* Average Price Year to Date for February 2015

**sourced from http://www.lstar.ca/news/february-sales-solid

Real Estate Market Update: February 2015 + A court case where the Buyer's lost HALF the proceeds!!!

Market statistics are in for the London and St.Thomas Region of Real Estate in Ontario. Continuing the trend, this January smashed last years numbers yet again. 475 home sales, that's 107 up from last years numbers. In the field we see a lot more activity then we did last year around this time, and it seems that with all the new listings hitting the market daily the spring market is coming early this year.   Great news if you're looking to buy up, sell or partake in the market in any way! 

The second half of this podcast covers a recent court case where a buyer was suing a seller for misrepresentation leading to water damage. Really interesting case with an intriguing conclusion!

Let us know if you have any questions at all or feel free to contact us any time! 


www.theClosers.ca
519-860-6547
info@theClosers.ca

December Sales Strong

The latest stats are in and we;ve cleared another month of record setting home sales. It seems as if the backed up demand from the bad weather we had in early spring has carried us right into the winter months. Out in the market place we are still seeing lots of demand from the buyers side, and properties priced correctly are going in multiple offer situations, which is a strong indication that buyers are on the move. Given low interest rates and a balanced market, we foresee this trend continuting on right into the new year.

Expect a hiatus over the next couple weeks, which is normal as most people are tying up holiday plans and prepping for time with their families. That said, the serious buyers and sellers will still be active right into the holiday season. Oddly enough we did two of our largest transactions in the last two years right around Christmas. One in a blinding snowstorm and the other on Christmas Eve.  Both of these showcase that when people are ready to pull the trigger it's best to be prepared. 

Question about the market or thinking about buying or selling?  
Email us: info@theClosers.ca
Cell: 518-860-6547



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.

MARKET UPDATE- September 2014

London-St. Thomas home sales since May and change from same month in 2013:

May 988 +5.0%

June 981 +23.4%

July 980 +24.4%

August 791 +13.5%

Sept. 682 +11.0%

Year to date 6,778 +7.4%

Market Update July 2014- Record setting numbers yet again..

That makes it the third month in a row that the sales statistics in the LSTAR jurisdiction (London) have hit record highs. We see it in the streets every day and the buzz among professionals is this have only been getting busier and busier. Our days often begin at 6-7am and end at well after 11pm as the buyers and sellers are making moves at all hours of the day. This month included 4 Multiple on 4 different properties, 20+ contract drafted, 7 new listing opportunities and countless inquiries as to what is going on out there in the wild(literally we were standing in a cow pasture listings a farm with a very friendly cow last night.).  Granted, Real Estate is hyper local and every single community within a city is experiencing differing degrees of activity, so if you're wondering where these are an what types of transactions are happening feel free to give us a call. We'll be happy to tell you what your neighbours place just sold for or what to expect in the next 3-6 months to help you plan accordingly.  519-860-6547 or by email info@theclosers.ca

January Market Update-Great Year for Real Estate

We just wanted to take a brief moment to update you with the most recent market stats relating to the London & St.Thomas Area. Whilst everyone was wrapping gifts, shovelling out of snow squalls we were busy woking away to ensure our part in the Winter Real Estate rush.  The year ended strong and despite the naysayers in the media the housing market was able to set some great numbers and it carried right through the winter. January is looking to be ripe for the industry and expect February to continue the trend. 

To sell or not to sell?

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Don't listen to the news. Turn off the T.V. Call someone you know who is out getting their hands dirty and seeing what is going on in your market. Well, maybe no need to go so far as that, but the constant back and forth we have been seeing and reading in regards to the housing market is enough to make us think that super-cell storm last night might have been due to conflicting stories. Fact of the matter is scary buzzwords like "soft-landing" and "market bubble" are used over and over to illicit fear from consumers and keep their rapt attention, and it works. 

 

Yes there are truths to what is being said about todays economy, but Real Estate ls local. Real Estate is tangible. In a world where even the large news networks are falling deeper and deeper into the "instant" news trap there is more information than we seem to be able to process. That coupled with the fact that every reporter or blogger(yes that means us too ) is going to have a personal opinion means that now more than ever you need to have people you trust give you the rundown. We should note that we are Sales Representatives* by trade. We love our jobs but don't sugar coat any information we come across. We are purveyors of information and take pride in it. 

All that said here are the newest market stats from CREA(Canadian Real Estate Association). 

 Highlights:

  • National home sales rose 3.6% from April to May.                                             A good thing to take away from this is consumer confidence is growing. Despite all the doom and gloom people are purchasing and selling new homes at an increased rate. 
  • Actual (not seasonally adjusted) activity came in 2.6% below levels in May 2012. :                                                                                                               The monthly data shows that the volume of trades went down in May from the same time last year. Keep in mind this is consistant with the 2.6% from April. 
  • The number of newly listed homes was up 1.9% from April to May.  ;             This is a big one. Be aware that as inventory climbs prices tend to go down.See the next point however, as our market is currently balanced this is something you will want to watch.  
  • The Canadian housing market remains firmly in balanced territory.     Balanced is good. We like balanced. As we represent both sides of the transaction it allows us to truly  showcase our worth when it comes down to negotiations. 
  • The national average sale price rose 3.7% on a year-over-year basis in May.          Another consistant stat, in April prices rose 3.7% as well. This growth is another good indication of consumer confidence. 
  • The MLS® Home Price Index (HPI) rose 2.3% year-over-year in May.                The MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales the way that average price is. For that reason, it provides the best gauge of Canadian home price trends."-CREA

If you have any questions or comments we are more than happy to provide any help that we can. You can reach us on Twitter, Facebook, Email or Phone: 519-860-6547. We aim to for Honesty and integrity in all things so please don't hesitate to contact us.