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Presented By:

Carol Turnbull & Cory McArthur RE/MAX Centre City Realty Inc. Brokerage 675 Adelaide Street North London, Ontario Canada N5Y 2L4 519.667.1800


MARCH 2013 MARKET UPDATE We are pleased to present this latest update on the real estate market reporting activity through the month of March, 2013 for properties located in London, Ontario and surrounding communities. The Spring Market was off to a slow start in March with home sales down 20.5%. The cooling off impacted detached homes and condos almost equally, with 495 detached homes exchanging hands last month – down 20.5% -- and 117 condos – down 20.4%. Altogether a total of 612 homes sold in March 2013. “We consider March the beginning of the Spring market,” says Doug Pedlar, President of the London and St. Thomas Association of REALTORS®, “but Spring in Canada is not necessarily all that Springlike. March 2012 broke all records for unseasonably warm weather, while March 2013 came in and out like a lion. There are always a lot of factors at work when it comes to whether a market is slow or steady or brisk, but weather is definitely one of them. People like to go out house hunting when the weather is nice, not when it means trudging through a lot of ice and snow.” New listings were also down 9.4% overall, while inventory – the number of active listings at the end of the month – were down 7.2%.

Carol Turnbull & Cory McArthur Sales Representative RE/MAX Centre City Realty Inc.


MARCH 2013 MARKET UPDATE • London’s Real Estate market starts with a 20% decrease in the number of sales month over month. We also see sales have dramatically decreased from the same month last year by 20%. This is not typical of a spring market. • Overall inventory has decreased by close to 10% month over month. We also see that from the same time last year we have a decrease of 9.4% in our overall inventory. MARCH 2013 SALES

MARCH 2013 MONTHLY DATA % Condo 495 -20.50% 117 $130,940,858.00 -16.40% $19,815,049.00 1185 -8.80% 263 $264,527.00 $169,359.00 -0.20% $264,984.00 $179,050.00 Detached

Units Sold Dollar Volume No. of Listings Average Price (March) Average Price (February)

Units Sold Dollar Volume No. of Listings

% -20.40% -20.80% -12.00% -5.40%

Total 612 $150,755,907 1448 $246,333.00 $245,888.00

% -20.50% -17.00% -9.40% 0.20%

MARCH 2012 MONTHLY DATA Detached Condo Total 623 147 770 $156,704,964.00 $25,018,408.00 $181,723,372.00 1300 299 1599

2013 YEAR TO DATE SALES

2013 YEAR-TO-DATE % Condo -13.00% 322 -8.90% $54,907,102.00 -10.20% 746 -7.50% $600.00 $170,519.00 1.90% $171,403.00

Units Sold Dollar Volume No. of Listings Active Listings (end of period) Average Price YTD Average Price (DEC. 31/12)

Detached 1302 $337,705,320.00 3032 2,628 $259,374.00 $254,434.00

% -10.10% -9.80% -12.20% -6.30%

Units Sold Dollar Volume No. of Listings Active Listings (end of period)

2012 YEAR-TO-DATE Detached Condo Total 1496 358 1854 $370,685,135.00 $60,846,438.00 $431,531,573.00 1300 299 1599 2840 640 3480

-0.50%

Total 1624 $392,612,422 3778 3,228 $241,756.00 $238,822.00

% -12.40% -9.00% -10.60% -7.20% 1.20%


MARCH 2013 MARKET UPDATE Statistical Breakdown by Area for March 2013 London Item

2012 Average Sale Price *

2013 Year to Date

%

Total Detached North

$318,346

$320,716

0.7%

Total Condo North

$209,957

$200,581

-4.5%

Bungalow North

$252,050

$260,554

3.4%

Two Storey North

$344,319

$346,033

0.5%

Ranch North

$367,893

$351,691

-4.4%

Townhouse Condo North

$192,739

$186,516

-3.2%

Total Detached South

$269,941

$282,250

4.6%

Total Condo South

$153,782

$146,334

-4.8%

Bungalow South

$201,111

$203,334

1.1%

Two Storey South

$334,382

$355,818

6.4%

Ranch South

$288,109

$294,056

2.1%

Townhouse Condo South

$141,778

$144,232

1.7%

Total Detached East

$204,486

$199,790

-2.3%

Total Condo East

$147,403

$154,211

4.6%

Bungalow East

$165,345

$156,920

-5.1%

Two Storey East

$272,202

$281,900

3.6%

Ranch East

$202,905

$195,088

-3.9%

Townhouse Condo East

$122,821

$116,300

-5.3%

NORTH

SOUTH

EAST

* up-to-date figures based on January 1, 2012 to December 31, 2012


The first quarter of 2013 has been a great start for us; while the market has continued to slow we have consistently been helping clients maximize their real estate goals, whether buying or selling. We continue to outperform the averages across the London & St. Thomas Real Estate Board. Here are some of the great properties we have SOLD or have recently taken to market. $549,900

$379,800

SOLD: 97.75% OF ASKING

$359,900

SOLD: 99.8% OF ASKING

March 2013 Market Update - London, Ontario  

London, Ontario Real Estate Market Update for March 2013. Carol Turnbull & Cory McArthur

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