Let's talk about the London and St. Thomas Real Estate Market... and what 2018 will bring
The London and St. Thomas Association of REALTORS® (LSTAR) announced that 2017 was a historic year for residential real estate. Home sales surpassed 11,000 for the first time since LSTAR began tracking data in 1978. In 2017, a total of 11,203 homes were sold, up 8.0% from 2016.
Jim Smith, 2017 LSTAR President said “Residential sales across the region in 2017 is definitely one for the record books,” The year was marked by record sales, and a large amount of interest from out-of-town buyers. This activity reflected the general national trend.
Here are a few highlights:
- Average sales price across London and St. Thomas for the year was $330,037 up 18.0% from 2016.
- By geographic area, London South was $340,793, up 21.7% from 2016.
- In London North, average home sales price was $407,801, up 18.1% compared to the previous year
- In London East, it was $258,734, an increase of 16.9%.
- In St. Thomas, it was $261,481, up 15.2% over 2016.
There is every indication that 2018 will continue to reshape the real estate landscape in London. With market shifts, the new mortgage stress test, and the increasing reliance on, and interest in, technologies for both agents and consumers, it will take a savvy and adaptable agent to stay on top of both industry demands AND their clients needs.
And those are exactly the kinds of agents that we attract and keep.
If you're looking for a real estate agent, or have questions about the real estate market, don't hesitate to call us at 519-438-8000.
If you're an agent looking to increase your business and create a REAL plan for growth, reach out to our Team Leader, Meg Hetherington today at 519-438-8000 or email her HERE.