The number of homes sold in the London area blew through the 10,000 mark in 2016, for the first time.

The London St. Thomas Association of Realtors (LSTAR) said 502 homes sold in December, bringing the total for 2016 to a record 10,193, up 8.8 per cent from 2015.

LSTAR president Stacey Evoy said it was a “historic” year for London-St. Thomas realtors.

“Throughout 2016, we observed high demand with low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since LSTAR has been tracking data, which speaks to why the industry thrived in 2016,” she said.

The 2016 sales include 8,260 detached homes, up 9.2 per cent over the previous year and 1,933 condominium sales, up 7.2 per cent from 2015.

Monthly sales set records in April, June, August, September, October and November.

It also was a pivotal year as sellers officially gained the upper hand after years when the market was considered balanced.

Home sellers were helped by a dwindling number of homes on the market. The year ended with 39.2 per cent fewer listings than Dec. 2015.

The best-selling house style in 2016 was the two-storey, followed by the bungalow and ranch.

The average price for a detached home in 2016 was $297,480, up 5.4 per cent from 2015, while the average price for a condominium was $200,335, up 5.6 per cent. The average price of all homes sold in 2016 was $279,057, up 5.5 per cent.

Evoy is handing over the reins to 2017 president Jim Smith.

Smith is a fourth generation Londoner who started selling real estate in the 1980’s, took a few years off for another sales job and then returned to real estate market in the early 90’s.

Since 1994, he has been an agent with Sutton Group Select Realty.

Smith deals mainly in the residential market but has helped put together some major land assembly deals including the London Airport auto mall and another development at Southdale and Colonel Talbot roads.

“I am a firm believer that we are still in a sellers’ market and there is pent-up demand,” said Jim Smith

Smith said buyers coming in from the Greater Toronto Area seeking more affordable homes in the London area are becoming a bigger factor in the market.

hdaniszewski@postmedia.com

twitter.com/HankatLFPress