2011 proved a solid year for real estate sales, with 8,048 homes exchanging hands over its twelve-month course -- just one per cent down from the previous year.

“It was a little slow coming out of the gate, but in the end we finished strong, despite concern over the extent to which global economic worries would impact us locally,” says Jack Lane, LSTAR President for 2011. “December delivered a strong performance as well, with 384 sales, just 0.8 per cent down from the previous December. “We are especially pleased by how well St. Thomas did in 2011,” observes Lane. “Its sales were up 3 per cent over last year’s and its average price rose to $189,413, up 3.7 per cent.”

The average price for a detached home in LSTAR’s jurisdiction at Year End stands at $244,430, up 5.3 per cent from January 2011. The average price for a condo stands at $179,560 year end, down 3.4 per cent from January 2011.

The following table, based on data taken from CREA’s National MLS® Report for November 2011 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres.

The average price for a home in Canada overall November month-end stood at $357,848.

The best-selling house style in LSTAR’s jurisdiction for December 2011 was the two-story, followed by the bungalow, then the ranch, then the townhouse condominium.

The London and St. Thomas Association of REALTORS® (LSTAR) is one of Canada’s fifteen largest real estate associations, representing 1,500 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods. As members of the Canadian Real Estate Association, LSTAR members may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www. REALTOR.ca. More information about LSTAR is available at www.lstar.ca.