It now looks like London-St. Thomas realtors could reach the milestone of 10,000 home sales in 2016 after another monthly record was shattered in October.
The London St. Thomas Association of Realtors (LSTAR) said 825 homes sold in October, smashing the old record of 711 set in October 2006.
Homes sales also set monthly records in September, August, June and April this year, and came close in May and July.
The October numbers bring 2106’s year-to-date total to 8,970.
The record for annual home sales is 9,738, set in 2007.
Sales usually wane in November and December, but if the hot market continues, it could push total sales past the old record and even beyond the 10,000 mark.
That possibility was reinforced this week in the annual housing forecast for London-St. Thomas released by Canada Mortgage and Housing Corp. It predicted annual homes sales of 10,300 to 10,500 this year, and that sales would top 10,000 in 2017 and ’18, too.
But all those sales are making it tougher for home buyers.
The number of homes put on the market in October was down 12.3 per cent from the same month last year. And the total inventory of homes for sale is down 33.8 per cent from a year ago.
“High demand and low supply continue to fuel this fall market,” said LSTAR president Stacy Evoy.
The average price of a single -detached home is now $296,445, while the average price of a condo is $201,270
The average price for all home types is $278,471, up 5.3 per cent for the year.