2016 Year End Statistics For The London & St. Thomas Real Estate Board

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1 2016 Year End Statistics For The London & St. Thomas Real Estate Board

2 News Release January 4, 2017 For Comment: Stacey Evoy, 2016 President, For Background: John Geha, CEO, Marks Milestone Year for Real Estate London, ON The London and St. Thomas AssociaOon of REALTORS (LSTAR) announced 2016 was a historic year for real estate, with residenoal sales surpassing 10,000 for the first Ome. In 2016, a total of 10,193 homes were sold, up 8.8% from Overall, it was an incredible year for residenoal real estate in our region, said Stacey Evoy, LSTAR 2016 President. Throughout 2016, we observed high demand with low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since LSTAR has been tracking data, which speaks to why the industry thrived in In 2016, a total of 8,260 detached homes were sold, an increase of 9.2% over the previous year, while there were 1,933 condominium sales, up 7.2% from We saw a 10.4% decrease in the number of home lisongs, with a total of 14,867 lisongs for the year, Evoy said. This illustrates the high demand and low supply, with inventory (what we call AcOve LisOngs End of Period) down 39.2%. St. Thomas had another strong year, with a total of 854 homes sold, up 2.9% from the previous year. The average home price in St. Thomas was up 7.7% over 2015, at $233,476. House Style Units Average Price Sold 2 storey 2,550 $383,082 Bungalow 1,803 $226,283 Ranch 1,153 $341,800 Townhouse 895 $173,161 High rise apt. condo 460 $173,205 The best-selling house style in 2016 cononues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in 2016 was $297,480, up 5.4%, while the average price for a condominium was $200,335, up 5.6%. The average price of all homes sold in 2016 through LSTAR s MLS was $279,057, up 5.5%.

3 The following table is based on data taken from the Canadian Real Estate AssociaOon s (CREA) NaOonal MLS Report for November 2016 (the latest staosocs available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres. City Average Sale $$ Vancouver $940,900 Toronto $780,047 Victoria $652,237 Fraser Valley $634,597 Hamilton $520,353 Calgary $469,766 Kitchener-Waterloo $415,136 Ogawa $380,003 Edmonton $372,565 Montreal $359,615 Niagara $338,970 Saskatoon $335,424 London St. Thomas $290,489 CANADA $496,351 According to a research report 1, one job is created for every three real estate transacoons and approximately $53,000 in ancillary spending is generated every Ome a home changes hands in Ontario. It demonstrates the tremendous impact that the real estate industry makes in growing our local economy, Evoy said. When we look at 2016 s home sales in LSTAR s jurisdicoon, that translates into about $540,229,000 being generated into the economy and producing approximately 3,398 jobs. The London and St. Thomas Associa=on of REALTORS (LSTAR) exists to provide our REALTOR Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada s 15 largest real estate associa=ons, represen=ng over 1,600 REALTORS working in Middlesex and Elgin Coun=es, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, suppor=ng growth that fosters economic vitality, provides housing opportuni=es, respects the environment and builds good communi=es and safe neighbourhoods and is a proud par=cipant in the REALTORS Care Founda=on s Every REALTOR Campaign. 1 Economic Impacts of MLS System Home Sales and Purchases in Canada and the Provinces, Altus Group ConsulOng, 2013.

4 LSTAR S Market Report for December 2016

5 100.0% 90.0%

6 MLS ResidenSal Sales (Jan. 1 to Dec. 31 a 10 year review)

7 Average Residential Price in Association s Jurisdiction (10 year review) , , , , , , , , , ,

8 Total MLS Dollar Volume (10 year review) ,154,520, ,715,011, ,397,211, ,138,447, ,145,684, ,058,184, ,044,092, ,874,879, ,922,848, ,083,113, Millions

9 RESIDENTIAL SALES BY MONTH 2016 YEAR Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total YTD 5 Year Average: Condos Year Average: Detached Condo Detached Condo Detached Condo Detached Condo Detached Condo Detached Condo Detached Condo Detached

10 Average Residential Prices to 2016 YTD Year Average Price Average Price Average Price (London) (St. Thomas) (Area) 1987 $106,300 $72,892 $97, $117,695 $90,887 $111, $134,960 $101,108 $128, $141,919 $106,202 $134, $143,306 $106,134 $134, $141,764 $112,088 $135, $139,311 $106,843 $133, $138,279 $111,823 $134, $131,954 $109,019 $127, $129,817 $107,005 $127, $132,838 $111,957 $130, $133,525 $109,378 $129, $133,033 $116,297 $131, $135,996 $115,994 $134, $137,820 $114,257 $136, $143,007 $121,470 $142, $155,148 $129,349 $152, $169,022 $141,989 $166, $178,899 $155,595 $178, $193,087 $162,250 $188, $208,865 $172,550 $202, $211,323 $187,361 $210, $214,769 $182,450 $213, $231,020 $182,719 $227, $238,238 $189,413 $232, $240,370 $191,607 $238, $246,919 $201,586 $245, $256,154 $199,885 $254, $265,831 $216,800 $264, $283,778 $233,476 $279,057

11 Statistical Breakdown by Area for December 2016 London Item 2015 Average Sale Price * 2016 Year to Date % NORTH Total Detached North $346,638 $378, % Total Condo North $225,531 $245, % Bungalow North $267,562 $289, % Two Storey North $380,228 $411, % Ranch North $386,819 $412, % Townhouse Condo North $199,469 $209, % SOUTH Total Detached South $305,723 $324, % Total Condo South $169,510 $178, % Bungalow South $237,196 $252, % Two Storey South $371,558 $396, % Ranch South $337,878 $364, % Townhouse Condo South $151,674 $161, % EAST Total Detached East $222,077 $228, % Total Condo East $161,379 $167, % Bungalow East $173,654 $189, % Two Storey East $297,522 $304, %. Ranch East $219,669 $231, % Townhouse Condo East $126,162 $138, % * up-to-date figures based on January 1, 2015 to December 31, 2016

12 Statistical Breakdown by Area for December 2016 Elgin Item 2015 Average Sale Price * 2016 Year to Date % Total Detached $239,489 $250, % Total Condo $163,414 $184, % Bungalow $184,052 $205, % Two Storey $323,242 $348, % Ranch $275,236 $287, % Townhouse Condo $165,467 $234, % St. Thomas Item 2015 Year to Date 2015 Year to Date % Total Detached $211,235 $224, % Total Condo $254,737 $294, % Bungalow $201,313 $224, % Two Storey $260,287 $265, % Ranch $222,220 $264, % Townhouse Condo $0 $0 #DIV/0! * up-to-date figures based on January 1, 2015 to December 31, 2016

13 Statistical Breakdown by Area for December 2016 Middlesex County Item 2015 Average Sale Price * 2016 Year to Date % Total Detached $322,346 $338, % Total Condo $314,213 $319, % Bungalow $238,135 $260, % Two Storey $423,414 $415, % Ranch $341,614 $396, % Townhouse Condo $257,467 $264, % Strathroy Item 2015 Year to Date 2016 Year to Date % Total Detached $240,671 $243, % Total Condo $242,713 $241, % Bungalow $218,423 $227, % Two Storey $277,112 $307, % Ranch $300,551 $281, % Townhouse Condo $122,500 $188, % * up-to-date figures based on January 1, 2015 to December 31, 2016

14 Lucan & Ilderton Residential Real Estate Update

15 Lucan and Ilderton Comparison 2016 vs Item: Lucan Ilderton Country Property Total Volume $21,940,909 $20,578,117 $16,246,500 List Price Vs. Sale Price Ratio 98.4% 98.9% 95.5% Ave Sale Price 2016 $288,696 $411,562 $492,318 Ave Sale Price 2015 $253,645 $358,826 $421,286 % Increase From % +14.7% %

16 Are you looking to make a move in 2017? Discover what The Radcliffe Team can do for you. Sales Representatives Century 21 First Canadian Corp. 159 Main St. Lucan, ON themikeradcliffeteam@gmail.com

17 Sales Information and stats are courtesy of the London St. Thomas Real Estate Board. Lucan and Ilderton stats are based on residential detached homes. Country property for these stats are properties entered into the MLS system as Rural listings. The Lucan and Ilderton Stats include only Resale and New homes that were listed on the MLS system. Within the total sales volume, there may or may not be private sales and other unlisted new home sales that were not included in these stats. The Mike Radcliffe Team and Century 21 cannot be held responsible for any omissions, errors or discrepancies in reporting of any sales that may effect the statistics an anyway. The Mike Radcliffe Team would be happy to review any of this information in a private meeting with anyone reading this report. This report is not intended to solicit any person currently under contract with another brokerage. Members of the Mike Radcliffe Team are Sales Representatives for Century 21 first Canadian Corp. Each office is independently owned and operated.