London-St Thomas remains on track for record 2017

Homes sales for 2017 so far have surpassed 9,000 homes in London-St Thomas as another 800 homes were sold in September.

Last month’s sales were down from the same month of 2016 as detached homes slipped almost 10% to 646 while condo sales gained 4% to 156 units, but the region’s real estate agents are optimistic amid strong sales overall this year.

"Home sales are slightly down compared to last September, but we are still on track to achieve a record sales year for 2017," said Jim Smith, 2017 London-St Thomas Association of Real Estate president. "We're experiencing activity that signifies a more balanced marketplace, and expect a strong finish to the year.

The average sales price for the market was also down in September from the previous month (by 1%) to $318,347 but this is almost 18% higher than September 2016.

New listings were up 3.3% year-over-year to 1,026 across the London-St Thomas market.

"The activity echoes what's happening in many other parts of the country," Smith said. "According to the Canadian Real Estate Association (CREA), there was a roughly even split of local markets where sales posted a slight decline and others saw a slight increase. I want to stress our region's marketplace continues to be healthy.”

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