The London area real estate market was stable in 2012 with total sales almost equal to the previous year.
The London and St. Thomas Association of Realtors (LSTAR) said 8,020 homes traded hands in 2012, 28 fewer units than the 8,048 homes sold in 2011.
The December market reflected the rest of the year with 381 sales, down slightly from 384 sales in December 2011.
?The difference is very marginal and just what we expected from our market, which has proven itself once again to be steady, reliable and balanced,? said Barb Whitney, president of LSTAR, which represents realtors in London, St. Thomas and surrounding rural areas.
Overall new listings were down 6.2% for detached homes and up 0.9% for condos in 2012.
The average price for all housing types in the London-St. Thomas market stands at $238,822, up 2.8%.
The average price for a detached home in LSTAR?s jurisdiction in 2012 was $254,434, up 4% compared to December 31, 2011, while the average price for a condo was $171,403, down 4.5%.
Home sales in St. Thomas lagged the overall market with 616 homes sold in 2012 down 9.7% from the previous year. The average home price in St. Thomas is $191,607, up 1.2% from the previous year.
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hank.daniszewski@sunmedia.ca
twitter.com/HankatLFPress
Source: http://www.lfpress.com/2013/01/02/london-area-real-estate-market-stable-in-2012
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