London, November 4, 2008
Home sales taper off after best September ever
Last month, 581 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 475 detached homes (down 15.9% from October 2007) and 106 condos (down 24.3% from October 2007). Year to date, 6,137 detached homes and 1,555 condos have been sold – down 7.5% and 9.6% respectively compared to the same period in 2007.
"Given that we just had our best September ever, we expected to see our October numbers return to more normal levels," says Bruce Sworik, LSTAR President. "We have seen excellent numbers this year. In 2008, the area has seen its third-best February, its second-best May (also its third-best month ever), its second-best July on record and its best September ever. Since 2007 was a record-breaking year, we are pleased to see that our year-to-date sales for October 2008 are at 7,692, just 7.9% below last year’s figure of 8,355 over the same period. And that’s a good thing."
Year to date, number of sales and average prices in LSTAR’s jurisdiction were: Type | Units Sold | Average Price | $$ Increase from YTD 2007 |
Total Detached | 6,137 | $227,062 | 4.9 |
Total Condo | 1,555 | $152,723 | 4.4 |
Total Residential | 7,692 | $212,034 | 5.0 |
Source: London St. Thomas Real Estate Board Website
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