Local realtors enjoyed their best November in eight years.
The London and St. Thomas Association of Realtors (LSTAR) says 626 homes changed hands last month, an 8.5% increase over the same month last year.
“If this is starting to sound a little repetitive, it’s because January, May, August, and November have all been the best months of their kind since 2007, the peak year for real estate sales here in the London and St. Thomas area,” says Carl Vandergoot, president of LSTAR.
Two-storey homes were the hottest purchase of the month, followed by bungalows and ranches.
Listings for detached homes were down 8.8% while condos saw a 3.1% drop in the London St. Thomas area. However, that was countered by the ratio of sales to new listings year to date, painting a picture of a balanced market.
In St. Thomas, 62 homes were sold last month giving the city its best November since LSTAR began keeping statistics for St. Thomas in 2006.
LSTAR predicts home sales will finish the year strong, with sales up 9.7% year-to-date.
