Residential sales continued to outpace last year’s record numbers in April 2004. Last month the second highest number of homes to sell in a given month since 1975, when the Board began keeping records, exchanged hands – all in all 935 homes sold in April. In March 2004, a record 1,030 homes sold, while, back in April 2002, 931 homes changed ownership. Month over month sales are up 6.7%, while year over year they are 13.5%. Active listings at end of period, the Board’s inventory of homes, are also up 5.6% for detached homes and 9.2% for condos. “What we are seeing is a classic good news scenario,” observes Ken Harper, President of the London and St. Thomas Real Estate Board. “A lot of demand and an at least reasonable supply of product. We’re happy to see a decent number of listings coming onto the market,” he continues. “Back in 2003, which to date has been our best year ever, and earlier in 2004 we would have seen even higher sales volumes than we did, had we had more inventory.”
The best selling house type in April was the two storey, 185 of which sold for an average $253,543. 154 bungalows sold for an average $135,313; 103 ranches exchanged hands for an average $203,583; and 100 townhouse condos sold for an average $110,148. The average price of a detached home in the Board’s jurisdiction year to date stands at $177,499, up 10.9% from the previous year, while the average price of a condo rose to $116,569, up 6.2% from the previous year.
May 3 is also notable because it was on this date back in 1984 that the Board’s first online computer system was launched. “Now our Multiple Listing Service® is internet-based and not only REALTORS, but the public can find information on properties for sale on the Internet at www.mls.ca and via the web sites of those of our Members who are participating in our Internet Data Exchange program,” explains Harper. 95% of the Board’s offices and 96% of its listings are posted on the IDX site, which has, since the program was kicked off last October, received over 2 million hits.
The London and St. Thomas Real Estate Board, whose jurisdiction includes Middlesex and Elgin Counties and whose trading area totals approximately 500,000 residents, is an association of Realtors committed to providing its members with the structure and services to ensure a high standard of business practices and ethics so that they might serve effectively the real estate needs of the community. The Multiple Listing Service® (MLS®) is a co-operative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties for sale.
For More Information Contact:
Ken Harper, President, for comment
(519) 645-1300
Melissa Hardy-Trevenna, Staff, for background
(519) 641-1400
London & St. Thomas Real Estate Board
