It's a sign of the times when a 7.2% drop in sales is seen as good news in the London area real estate market.
The London St. Thomas Association of Realtors (LSTAR) reports 551 detached homes and 118 condos sold in March. The total sales of 669 units is down 10.2% compared to 745 in the same month last year.
LSTAR president Joe Hough said the 7.2% decline in detached home sales is a big improvement over the 35% overall drop seen in January and 30% in February.
"When you look at what's going on in other markets, a 7.2% decline isn't bad. I'm almost thrilled," said Hough with a laugh.
Hough said prices have also remained relatively stable despite all the bad economic news in recent months.
