Great news for the London - St Thomas real estate board (LSTAR) as sales in July of 2011 were very healthy compared to 2010 in July. Keep in mind, that as soon as the HST came into effect in 2010, sales numbers dropped everywhere, including the Woodstock - Ingersoll board area. The HST increased the costs of buying a home, especially when home inspections and lawyer fees were factored in.
Just like the Woodstock market, in LSTAR, 2010 was off to a reasonably quick start and then slowed considerably.
Our real estate board in Woodstock - Ingersoll (Tillsonburg is not part of our selling area), there were fewer than 100 sales in July. I always say that any month with less than 120 sales is slow.
Here's the story from the London Free Press:
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Condos lead housing recoveryBy HANK DANISZEWSKI, The London Free Press
Last Updated: August 4, 2011 8:22pm
LONDON -- Condo sales led the way last month as recovery in the London area real estate market continued.
The London St. Thomas Association of Realtors said 796 homes sold in July, up 5.2% compared to July 2010. The total included 155 condo sales, up 24% from last year, and 587 detached homes, almost even with July 2010.
The July increase follows a 12% boost in sales in June, the first time this year monthly sales exceeded the 2010 totals. Year-to-date sales for 2011 are still down 6.8%, but LSTAR president Jack Lane said, "By the end of the year I think we will be back on track."
The number of homes listed for sale is up 10% this year. Lane said that is a sign of a more "balanced" market.
"A lot of agents and client feel like it’s a slower market, but it’s simply because there is more to choose from. The inventory is larger, but he ones that priced right and show well sell quickly."
The average sale price for a detached home in July was $234,571, down 4.8% from June, while the average price for a condo was $171,806, down 9.5%.
hank.daniszewski@sunmedia.ca
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