The London and are real estate market was stable in 2011
2011 proved a solid year for real estate sales, with 8,048 homes exchanging hands over its twelve-month course — just 1% down from the previous year. “It was a little slow coming out of the gate, but in the end we finished strong, despite concern over the extent to which global economic worries would impact us locally,” says Jack Lane, LSTAR President for 2011.
The LSTAR report went on to say;
The average price for a detached home in LSTAR’s jurisdiction at Year End stands at $244,430, up 5.3% from January 2011. The average price for a condo stands at $179,560 year end, down 3.4% from January 2011.
LSTAR’s jurisdiction is basically Middlesex and Elgin counties with London being the largest cente by far and having the most imapct on average numbers
Let’s look deeper into London’s real estate market.
Lstar has divided the city of London into 3 sections, using the Thames river and its branches as dividing lines
The Average price of all residential MLS® sales (detached and condos combined) in London for 2011 was $ 238,238.
This is an increase of approximately 3.1% over the 2010 average price of $231,020.
REALTORS® are often faced with potential sellers who believe that reports of average prices are automatically relevant to their home. This can really be a problem if they have read a national report.
Let’s take a look at the three sections of London
East London
| 2010 | 2011 | Change |  |
|
| Total Detached | $191,798 | $199,007 | 3.8% | |
| Total Condo | $160,385 | $188,630 | 17.6% | |
| Bungalow | $153,493 | $161,733 | 5.4% | |
| Two Storey | $253,369 | $263,435 | 4.0% | |
| Ranch | $195,815 | $199,511 | 1.9% | |
| Townhouse Condo | $121,424 | $125,301 | 3.2% |
South London
| 2010 | 2011 | Change |  |
|
| Total Detached | $301,031 | $303,622 | 0.9% | |
| Total Condo | $205,611 | $208,969 | 1.6% | |
| Bungalow | $200,736 | $203,748 | 1.5% | |
| Two Storey | $322,404 | $328,724 | 2.0% | |
| Ranch | $286,275 | $304,749 | 6.5% | |
| Townhouse Condo | $142,225 | $143,091 | 1.2% |
North London
| 2010 | 2011 | Change |  |
|
| Total Detached | $264,782 | $269,759 | 1.9% | |
| Total Condo | $150,589 | $151,805 | 0.8% | |
| Bungalow | $222,412 | $219,886 | -1.1% | |
| Two Storey | $332,575 | $341,265 | 2.6% | |
| Ranch | $325,438 | $332,829 | 2.3% | |
| Townhouse Condo | $190,444 | $190,519 | 0.0% |
As you can see there is quite a variation in “average” performances within the city
If you are thinking of selling your home, always start with a Comparative Market Analysis
The London and St. Thomas Association of REALTORS® (LSTAR) is one of Canada’s fifteen largest real estate associations, representing 1,500 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign. As members of the Canadian Real Estate Association, LSTAR members may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members.
