Local real estate markets remain vibrant
For the London and St. Thomas Association of REALTORS® (LSTAR) last month was the August with the third highest volume of residential sales in the last decade. 917 homes exchanged hands in the Association's jurisdiction - just four less than in August 2018. New listings increased to 1,189, but still didn't reach the ten-year average. Overall, the inventory levels were slightly elevated over August 2018 - 1.9 months over just 1.7. During the same period, the average home price was 9.1% higher than one year ago, sitting at $413,010.
|Area ||August Average Sale Price
In London, the average sale price for a home in the East part of City was $334,997, up 16.7% from last August. In London North, the average sale price was $489,358, up 4.8%, as compared to the previous year, while in London South, it was $413,891 - an increase of 8.3% over August 2018.
"The high local housing demand, coupled with London's low inventory levels create the perfect storm for the smaller urban areas surrounding the Forest City," observed Earl Taylor, 2019 LSTAR President. "At least, that's what the latest figures suggest: Middlesex County recorded its highest volume of August home sales ever - 72, while St. Thomas and Strathroy had both their second best August for home sales - with 68, respectively 24 residential real estate transactions," Taylor explained. "In its turn, Elgin County saw 60 home sales - the exact same number as in August 2017, while its inventory reached the second lowest level in the last decade," he added.
"Despite the fact that August wasn't a record month like July, all local real estate markets remained vibrant," Taylor emphasized.
According to a report by the Canadian Real Estate Association, last month, in London, the median number of days that a home was on the market was 14 - up from 13.5 days in July.
In Elgin County, the median number of days spent by a home on the market was 26 - up from 20; in Middlesex County it was 15 - down from 24; in St. Thomas it was 13 days - up from 12; and in Strathroy was 14, as compared to 12 days last month.
Click on the following link to see the new Statistical Package of LSTAR for the month of August:
Visit LSTAR's new interactive Statistical Dashboard to find out even more information about the real estate markets located in LSTAR's jurisdiction.
This is how the Statistical Dashboard looks like:
Under "Select Data", from the drop-down arrow, you will have the following options:
- Dollar Volume
- Average Price
- Median Price
- Sales-to-list Price Ratio
- Median Days on Market
- New Listings
- Active Listings
- Sales-to-New Listings Ratio
- Months of Inventory
Under "Select Area", from the drop-down arrow, you can choose:
- Elgin County
- Middlesex County
- St. Thomas
Under "Select Property Type", you have:
- Single detached
- Bungalow (single detached)
- 2-Storey (single detached)
- Townhouse (row)
The "Select Timeframe to Compare Against" option is self-explanatory.