Despite a slow start in the spring, sales for 2011 nearly matched the previous year.
After a slow start in the spring, home sales in the London-St. Thomas market rebounded in 2011 and nearly matched the previous year.
The London-St. Thomas Association of Realtors (LSTAR) reported Tuesday that 8,048 homes were sold in 2011, about 1% fewer than 2010.
The year got off to a slow start when sales in the spring were lagging 15 to 20% behind 2010.
But association president Jack Lane said he was confident the market would pick up in the summer and fall.
"It was a little slow coming out of the gate, but in the end we finished strong, despite concern over the extent to which global economic worries would impact us locally."
The results for St. Thomas were especially impressive, given the layoffs that have hit the city, Lane said. The number of homes sold in St. Thomas was up 3% for the year and the average sale price rose 3.7% to $189.313.
LSTAR said 384 homes sold in December, just below the total for the same month in 2010.
The average price for a detached home across LSTAR's jurisdiction stands at $244,430, up 5.3% from January 2011.
The average price for a condo stands at $179,560 year end, down 3.4% from January 2011.
Lane predicted that 2012 will see a modest increase in sales over 2011.
London-St. Thomas should benefit from slow improvement in the U.S. economy, boosting the confidence of home buyers, he said.
Barb Whitney, a Century 21 agent, takes over as association president for 2012.
by Hank Daniszewski, The London Free Press
http://www.lfpress.com/news/london/2012/01/03/19194776.html