Sales slip in August but remain strong in Ontario market

The southwestern Ontario market of London-St Thomas reported strong sales in August.

Although the year-over-year detached home sales figure was down 11.4% to 712 and condo sales fell 7.7% to 180, last year was a record-breaker.

"If you look at the historical data, last month turns out to be the best August for our members since 2005," said Jim Smith, 2017 LSTAR President.

Listings were down 9.3% from August 2016 while the average sales price across London and St. Thomas was $326,122, down 1.4% from the previous month.

However, the average year-to-date sales price was $329,745 - up 18.2% from the 2016 average home price of $279,057.

"Overall, 2017 remains an incredible year for real estate across London and St. Thomas and we expect sales activity to stay fairly strong for the remainder of 2017."