There was a drop in sales of homes in the London-St Thomas market in June but sales remain above the long-term average.
A total 1,080 homes were sold by London and St Thomas Association of Realtors in the month, down 14.6% year-over-year while the average June sales price in London and St. Thomas was $370,247, up 10.5% from June 2017 and up 32.7% from June 2016.
"As the average sales price trends upward, inventory continues to decrease," said Jeff Nethercott, 2018 LSTAR President."In June, there were 1,779 active listings, down 4.3% from this time last year and down 40.0% from June 2016.”
He added that despite the decrease, sales momentum remains strong and sets the scene for a robust summer sales season.
"Sales activity remains above the 10-year average, as the marketplace continues to manage the lowest inventory levels since 2009. Average home prices are making slight gains all across the region."
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: