Our Real Estate Market in Perspective

I came across a couple more wonderful articles discussing our real estate market.

Average housing prices have been, and continue, to decrease nationally as Canadian home prices adjust to the market. Again, we won't be seeing a crisis here as our neighbours to the South have been experiencing.

The London and St. Thomas Association of Realtors (LSTAR) cite the average price of homes sold in December dipped below $200,000, compared to $206,557 same month last year. Nonetheless 2008 was a good year overall with 8,356 homes sold. This is down 11% from 2007, which was a record-breaking year for sales. 2008 sales were well within the 10-year average.

St. Thomas recorded 632 home sales for 2008, down from 867 in 2007. However home prices are holding up well, with the average price in St. Thomas for December was $187,361, compared to $172,550 same month last year.

A big factor in the London-St. Thomas market this year has been an increase in the number of listings. 3,133 listings in December, compared to 2,241 listings last year.

To learn more, click here to read "'Modest' dip, not crash, predicted for house prices".

Click here to read "Home sales, prices fall".