London & St. Thomas Association of Realtors, just released the sales figures for April and 2013 year to date numbers. April saw a rebound from the results of March, Single family homes had a very slight increase in the number of homes sold of just .6% or 4 units, and condos faired somewhat poorer down 12.2% or 20 units.
Average Sale year to date price for all residential rose by .8% or $2011. to an average of $249,880. It is interesting to note that single family house prices dropped by 1.3% during April while condos rose by 10.5%. Year to date average residential price is up 2.9% to $244,603.
With the weather now improving and spring is in full swing the May home buying market should be strong, fueled by an increase in available listing inventory, up 17.1% over 2012 and historically low interest rates, the time to buy has never been better.
Buyers having good steady employment and a suitable down payment should make every effort to make the move into home ownership. London continues to be one of the most affordable cities in Canada to purchase a home. The time has never been better to take advantage of all the combined circumstances to own a home of your own.
With low interest rates, an increase in available home listings, the market has and will continue to move to a more balanced position and may even tip into the buyers favour in the near future. Only time will tell.
Steve Parker, Sales Representative is a Realtor with Re/Max Advantage Realty Ltd. Brokerage in London Ontario with over 25 years experience in residential new & resale home sales. Please email any comments or questions to Steve directly.