London Home Sales Set Record in September

  • 10/5/16
  • |          London

The real estate records continue to tumble this year.

Home sales in London-St. Thomas set a record in September with 716 detached homes and 150 condos sold.

The London and St. Thomas Association of Realtors (LSTAR) said the total of 866 sales was three per cent more than the same month last year and shattered the September monthly record of 769 set in the in 2008, just before stock markets crashed.

“2016 has been a year of breaking records,” said LSTAR president Stacey Evoy.

Homes sales also hit monthly records in August, June and April and came close in May and July.

So far this year, sales are up 8.5  per cent over the same period in 2015. The average prices for all home types is $278,311 up 5.2 per cent.

Selling a house isn’t a problem for realtors, it’s finding an owner who wants to sell.

Listings were down 15.5 per cent in September, while inventory – as represented by the number of active listings at month end — was down 31.7 per cent.

During the last three months, the market — which was considered balanced since 2007 — officially tipped into a seller’s market.

“Demand remains high and supply low . . . This . . . is a great time to list,” said Evoy.

It also more likely that 2016 will break the annual sales record of 9,738, set back in 2007.

There have been 8,149 sales so far in 2016.

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