The freakishly warm February weather rubbed off on the London-area real estate market.
The number of homes sold was the highest for the month of February since the London and St. Thomas Association of Realtors began tracking sales data in 1978.
A total of 763 homes changed hands in London-St.Thomas, an increase of 17 per cent over the same month last year.
Association president Jim Smith said the unusually warm weather in late February had home buyers pumped in the normally slow month. Environment Canada has confirmed it was the warmest February yet recorded in London with the average temperature more than four degrees above normal.
“We experienced a mild February in terms of weather, which also . . . factor(ed) in helping the strong performance throughout the month,” Smith said.
A total of 597 detached homes were sold in February, an increase of 15 per cent over the previous year. Condominium sales were even stronger with 166 units sold, up 25 per cent from 2016.
“We continue to see robust activity in the condominium market, with a quarter more units sold,” Smith said.
The average sales price was $307,831, up eight per cent from the previous month.
Annual home sales topped 10,000 for the first time in 2016.
January also set a sales record for the month. The back-to-back monthly records have pushed sales up almost 20 per cent compared to the first two months of 2016.
The sellers’ market that surfaced last summer continues with a 10 per cent decrease in the number of listings, compared to this time last year, Smith said.
“For those considering putting their home on the market, the current conditions are very encouraging.”