The detached homes market was flat in January with a 0.8 per cent dip in sales year-over-year while condo sales were 17.9 per cent lower. There were 455 sales in total, down 4.2 per cent from January 2015. However, it was the second-best January for sales since 2007. Listings were down 11 per cent and the average price for a detached home stood at $286,308 - up 2.2 per cent. The average price for a condo over the same period stood at $189,033 - down 1.5 per cent. The average price of all homes sold through the MLS in January stood at $269,633 - up 3.4 per cent.
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The London-St Thomas Association of Realtors says it is “very proud about the vital role real estate plays in ensuring the prosperity of our community." The association’s 2016 president Stacey Evoy says that the sale of homes was responsible for adding approximately $515,130,000 into the local economy and created approximately 3,122 jobs.