You’ve made it through another month! While full of rainy and sometimes cold weather, the real estate market was keeping things warm. Interestingly enough, June marked the first decrease in total sales since the beginning of the year. This is no change from year over year, as June is typically the period when the industry is drifting from the busy spring market. 800 homes sold in June of 2017 while in May there were 976 homes sold. When comparing to June of 2016, there were only 758 homes sold in June and 786 homes sold in May.
There was a tie this month with the highest number of home sales in two districts, East I, otherwise known as Argyle Mall and South X, otherwise known as White Oaks, with a total of 35 sales. The area surrounding Argyle averaged $228,700 while the area surrounding White Oaks averaged $216,900. These areas are appealing to first time home buyers due to the low cost of entry and access to a number of amenities.
Comparing month over month, London actually noticed a decline in the total average sale price from $350,000 in May to $342,000 in June. There is nothing to worry about however, the prices are not declining, rather the areas of highest sales are changing. With lower price point neighbourhoods ranking at the top for the month of June, this may have tilted the total average for the month.
When we are looking year over year growth, the average price last year was $284,000 while this year we are sitting at an average of $340,000 with an average list to sale price of 104%. This means that on average, every home listed is seeing a sale price of 4% over the list. On a $300,000 home, this means $12,000 over ask on average.