November Sees Lackluster Home Sales
421 homes were sold last month via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 8.9% less than in November 2022.
“While housing demand is exceptionally high throughout our region and the entire country, the resale data from November appears to indicate that this demand may not be reflected by the activity in the local real estate market for the remainder of this year, and possibly not until spring 2024," explained 2023 LSTAR Chair Adam Miller. "The resurgence in activity we witnessed this past spring could serve as a preview of what to expect next year. The determining factors will include whether the Bank of Canada finds it necessary to raise interest rates again or if, by next March, it becomes a matter of when we'll witness the Bank's first rate cut," he added.
The number of newly listed properties declined from 1,232 in October to 928 in November. Despite the significant monthly drop, this number still represents a record high for new listings for the month of November.
"The November data also shows that some sellers might be delaying their plans until the spring. Nonetheless, there remains a substantial number of individuals actively engaged in the market, eager to finalize deals before the end of this year. For valuable information and guidance on how to best navigate the current real estate environment, we encourage you to reach out to a local REALTOR®," Miller said.
The real estate landscape in LSTAR's jurisdiction witnessed a few other shifts in key indicators during November.
Housing supply saw a slight month-over-month growth from 4.3 months in October to 4.7 months in November.
The average home price in November for the entire jurisdiction of LSTAR was $605,661, exhibiting a modest decrease from $629,605 in October. Concurrently, the Composite MLS® Home Price Index (HPI) Benchmark Price settled at $577,400, a slight dip from the October figure of $592,100.
"It is essential to distinguish between these two metrics: the HPI benchmark price represents the value of a "typical home" as perceived by buyers in a specific area, considering various housing attributes. In contrast, the average sales price is derived by summing all home sale prices and dividing the total by the number of homes sold. That is why the HPI benchmark price serves as a more reliable tool for tracking trends over time: because it offers a stable reference point. This is particularly significant as average sales prices may fluctuate due to changes in the mix of sales activity from one month to the next," Miller stated.
The following table indicates the average and MLS® HPI Benchmark Prices recorded last month in LSTAR's main regions.
Area |
November 2023 MLS® HPI Benchmark Price |
November 2023 Average Price |
| Central Elgin |
$596,200 |
$612,857 |
| London East |
$463,800 |
$475,192 |
| London North |
$681,300 |
$690,401 |
| London South |
$573,800 |
$614,409 |
| Middlesex Centre |
$824,600 |
$963,503 |
| St. Thomas |
$509,500 |
$559,812 |
| Strathroy-Caradoc |
$736,900 |
$705,880 |
| LSTAR |
$577,400 |
$605,661 |
The table below shows the November benchmark prices for all housing types within LSTAR's jurisdiction, and how they compare with those recorded in the previous month and three months ago.
|
MLS® Home Price Index Benchmark Prices
|
| BENCHMARK TYPE |
NOVEMBER 2023 |
CHANGE OVER OCTOBER 2023 |
CHANGE OVER AUGUST 2023 |
| LSTAR Composite |
$577,400 |
↓2.5% |
↓4.9% |
| LSTAR Single-Family |
$620,200 |
↓2.1% |
↓4.8% |
| LSTAR One Storey |
$565,800 |
↓4.0% |
↓4.7% |
| LSTAR Two Storey |
$660,000 |
↓0.8% |
↓4.7% |
| LSTAR Townhouse |
$484,500 |
↓4.8% |
↓5.0% |
| LSTAR Apartment |
$375,500 |
↓2.5% |
↓5.8% |
Read more
The November 2023 Statistical Package of LSTAR has 793 pages. Because it is a large file, it might take a long time to load on your screen.
The Stats Package includes the MLS® HPI benchmark prices for all neighbourhoods and subdivisions that fall under the jurisdiction of LSTAR, as well as descriptions of benchmark homes for each of these.
To navigate the Stats Pack PDF file in your web browser, use the list of bookmarks displayed at the left of your screen.
If you save the Stats Pack PDF file on your computer, go to Menu>View>Show/Hide>Side Panels>Bookmarks. You can also click on the magnifying glass/search symbol from the upper right corner of your page and type the name of the city/region you're interested in.
To find information about London East, please go to "East Residential". The information about London North can be found under "North Residential" and the London South data - under "South Residential".
Click on the following link to see the complete Statistical Package of LSTAR for November 2023:
A more condensed version of the LSTAR Statistical Package can be found here.
There are four ways to access ITSO MLS® statistical information:
- Look at the members-only statistical report that LSTAR is sending at the beginning of each month via e-Stats and search for your desired areas in the document's table of contents. A link to the latest Member Statistical Package is provided above.
- Generate Statistical Reports using the "Stats" function in Matrix™. Watch this short video to learn how you can generate custom reports on Matrix™.
- Generate statistical reports using the MarketStats by ShowingTime® widget on Matrix™.
- Use the MLS® HPI tool of LSTAR on CREA's new member portal. For this tool, there is a free course you can take to learn how to use it.
Based on what you are looking for, you can use the tool best suited to your needs.
