There were 866 home sales – 716 detached and 150 condos – in September, a rise of 3.1 per cent compared to a year earlier. It was the fourth record-breaking month of 2016 along with April, June and August.
Listings were down 15.5 per cent while inventory slumped by more than a third and London St. Thomas Association of Realtor’s president Stacey Evoy says that the fall is a great time for sellers to enter the market as demand remains high.
She also highlighted the contribution that the real estate industry makes to Southwestern Ontario: “September home sales in LSTAR's jurisdiction spun approximately $45,898,000 into our local economy and created approximately 288 jobs.”
Year-to-date home prices averaged $278,311, up 5.8 per cent compared to the same period of 2015.
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Home sales in London and St. Thomas reached their highest September level since at least 1978, the year the region’s real estate agents association began tracking sales.