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702 detached homes and 180 condos exchanged hands in May 2011, for a total of 882 transactions. “As I predicted in last April™s media release “ and with the help of better weather — we saw improved sales figures in May, only 1.8% off from last year™s,” says Jack Lane, President of the London and St. Thomas Association of REALTORS ®. “However, sales don™t tell the whole story. The number of listings factors in as well and, as of the end of May, a total of 1,845 listings had been processed. That™s up 7.3% from the previous year.” Active Listings End of Period “ a measure of inventory “ were also up 13.9% from 2010. “We™re entering more of a balanced market,” says Lane, “which benefits both buyers and sellers. Moreover, sales in London™s Sister City of St. Thomas also showed improvement, ending only 6.5% lower than the previous year — another sign that our market overall is beginning to stabilize.”

On May 9, 2011 the Canadian Real Estate Association predicted a percentage drop in Ontario home sales of 5.1% this year, followed by a slight rebound in 2012 of 1.2% as interest rates remain low and job growth continues. “Given our manufacturing base, the economic meltdown of 2008 hit the London and St. Thomas market harder than it did some,” says Lane, “and the recent run of really awful weather certainly hasn™t helped. However, there are a host of initiatives in the works that I predict will have a positive impact not only on the housing sector, but also on our region™s performance overall “ the further development of downtown, for example, and the commercialization of the 401 corridor.”

In determining how much properties have appreciated over time, LSTAR gives more credence to their increase from one month to the next, as opposed to year over year, as this more accurately represents the level and pace of actual appreciation. The average sale price recorded by LSTAR in May rose 1.9% to stand at $256,489. “It™s important for consumers to understand that any price increase month over month may be due to a greater number of higher-priced homes having been sold in that month rather than to any real change in value,” says Lane. He adds, “If a home is priced correctly, it will tend to sell within a reasonable period of time. If it is overpriced for the current market, however, it may remain on the market longer. That™s why it would be wise for sellers to review a Current Market Analysis with their REALTOR ® before determining their asking price.”

This month, as in previous months and years, homes in LSTAR™s jurisdiction maintain their affordability compared to other major Ontario and Canadian centers. According to the CREA™s National MLS ® Report for April 2011, the average price that month was:

ï‚· London and St. Thomas — $242,111 (April 2011™s average price)

ï‚· Vancouver — $801,719

ï‚· Victoria — $498,536

ï‚· Toronto –$463,072

ï‚· Calgary — $407,900

ï‚· Edmonton — $325,097

ï‚· Ottawa — $347,417

ï‚· Hamilton –$328,483

ï‚· Kitchener-Waterloo — $316,582

ï‚· St. Catharines — $259,266

The best-selling house style in LSTAR™s jurisdiction for May 2011 was the two-storey, followed by the bungalow, then the ranch, then the townhouse condominium.

619 detached homes and 131 condos exchanged hands in April 2011, for a total of 750 transactions. “While last month™s sales were down 26.3% from the previous April, it™s important to remember that April 2010 set an all-time LSTAR record “ up 26.5% over April 2009,” comments says Jack Lane, President of the London and St. Thomas Association of REALTORS ®. “Last month™s sales are more on a par “ albeit on the low side — with those of the previous decade.” He continues, “When you factor in the persistently poor weather that has plagued our region over the last few months, I think that 2011 sales point to a healthy, vibrant market. In fact, I predict that we are in for a steady market for the balance of the year and that, by year™s end, our numbers will be down only marginally from those of 2010 . . . if at all. That™s how confident I am about our region and the progress of our economic recovery.” In determining how much properties have appreciated over time, LSTAR gives more credence to their increase from one month to the next, as opposed to year over year, as it more accurately represents the level and pace of actual appreciation. The average price for a home of any kind in LSTAR™s jurisdiction was up 5.5% to stand at $242,111 from March 2011 to April 2011, while, year to date, the average price for a home is $232,329, up 3.9 % since January 2011. The average price for a home in London™s Sister City St. Thomas year to date stands at $188,694.

I™ve just sold a Resale – condo-townhouse property at 9 136 Conway Drive in London. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – condo-townhouse property at 9 136 Conway Drive in London. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

On May 15, 2011 at 14:00 PM, you are invited to an Open House at 1504 Logans Way in London. If you are looking for a Resale – single family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Resale – single family property, check out my site at www.BuyInLondon.ca. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

I™ve just sold a New – condo-townhouse property at 16 1430 Highbury Avenue N in London. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 1325 Glenora Drive in London. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 6214 Oakview Crescent in Union. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 1014 Apache Rd in London. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.