Monday, April 6, 2009

London real estate market update

Real Estate Market UpdateA small drop in sales is good news for London. The London area real estate market saw a decline in sales by 7.2% (detached homes).

The London St. Thomas Association of Realtors (LSTAR) reports 551 detached homes and 118 condos sold in March. The total sales of 669 units is down 10.2% compared to 745 in the same month last year.

This is a great improvement compared to the 35% drop in January, and 30% in February. And when you look at what's happening in other markets, a 7.2% decline isn't so bad.

Prices have remained stable; the average house price for the first quarter of 2009 was $206,944, which is down by only 2.7% from last year.

Active listings in March was up 20% compared to same month last year, while home sales in St. Thomas jumped 14.6%--although house prices in St. Thomas have decreased more than any other London area (down 7.2%)

The London area market is living up to its reputation as a long-term stable market.

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