The London and St. Thomas Association of Realtors says 2016 was a banner year for the local real estate market.
On Wednesday, the London and St. Thomas Association of Realtors (LSTAR) announced residential sales surpassed 10,000 for the first time in 2016.
“Overall, it was an incredible year for residential real estate in our region,” said Stacey Evoy, LSTAR President.
“Throughout 2016, we observed high demand with low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since the LSTAR has been tracking data, which speaks to why the industry thrived in 2016.”
In 2016, a total of 10,193 homes were sold, up 8.8 % from the previous year, according to LSTAR. A total of 8,260 detached homes were sold last year, an increase of 9.2% over the previous year, while there were 1,933 condominium sales, up 7.2 % from 2015.
“We saw a 10.4 % decrease in the number of home listings, with a total of 14,867 listings for the year,” said Evoy. “This illustrates the high demand and low supply, with inventory down 39.2 %.”
The average price for a detached home in 2016 was $297,480, up 5.4 % while the average price for a condominium was $200,335, up 5.6 %, according to LSTAR.
“When we look at 2016’s home sales in LSTAR’s jurisdiction, that translates into about $540,229,000 being generated into the economy and producing approximately 3,398 jobs.”