London area realtors have marked their best July in ten years.
The London and St Thomas Association of Realtors (LSTAR) said 1,002 homes were sold last month, which is an increase of 1.2% over the same period last year. The group narrowly missed breaking the all-time July monthly record of 1,009 home sales set in 2007.
"Although shy of the best July ever by a handful of units, home sales are still performing strongly, with year-to-date sales outpacing 2016 by almost 20%," said Jim Smith, LSTAR president. "We are still seeing transactions involving out-of-town agents, but not at the levels we experienced in the spring. The activity is signifying we may be heading toward a more balanced marketplace."
Smith also noted that unlike in other years when the dog days of summer are traditionally quieter, realtors aren't seeing that slow down.
In total last month, there were 793 detached homes sold, which is a decrease of 1.7%. As well, 209 condominiums changed hands, which is up 14.2% from 2016.
The average sales price across London and St. Thomas was $326,122 down 2.7% from the previous month. But the average year-to-date sales price was $330,718 -- up 18.5% from the 2016 average home price.
"The greater real estate community is contributing to the steady growth of our local economy," Smith said. "The City of London just reported that it has issued more building permits compared to last year at this time, another sign of how strong our marketplace is."
According to LSTAR, there were 1,449 listings added in July. The most popular house style purchased was the two-storey, followed by the bungalow and ranch.
