There is no slowing down the London St. Thomas area when it comes to realty business, with its November sales higher than last year's at 8.5 per cent.
The London Free Press reports that according to London-St. Thomas Association of Realtors (LSTAR), 626 homes were sold last month, composed of 499 detached homes and 127 condos.
Association president Carl Vandergoot said, "January, May, August and November have all been the best months of their kind since 2007, the peak year for real estate sales here in the London and St. Thomas area." He also said that sales have been strong, consistently at that for month with a trend of over 10 per cent compared to last year.
London Free Press adds that November listings were down for "11.6 per cent for detached homes and 3.4 per cent for condos." However, Vandergoot stated that there is still a balance between the buyer and seller in the market.
Detached new home avarage price on record stands at $282,348, up 4.4 per cent, while the average price for a condominium is $189,649, up 3.7 per cent, the report continues. Meanwhile, the year-to-date average price of all homes stood at $264,654, up by 4.1 per cent.
In related news, according to Knight Frank, an upmarket estate agency, a total of 1,638 properties were sold in London for more than $5m (around £3m) in 2014. However, it will be compared to other major cities in the world, such as New York and London, New York and Manhattan particularly, is still considered the best investment when it comes to luxury real estate.
New York may not lead in every investment category at this point, Forbes notes, but looking at the foreseeable future, it does have the best investment opportunities. After all, when it comes to investing properties, investors do look at the future market viability, don't they?
