Optimism for Future Growth Within LSTAR Area
August was a very productive month for the London and Middlesex county area, as sales reached their third highest August in the last decade with 917 homes sold in the area. Middlesex county recorded it’s most successful August ever with a total of 72 homes exchanging hands this month. St. Thomas and Strathroy both saw an equal amount of success with their second best August for home sales, recorded at 68. Elgin county also remained consistent with 60 home sales, while its home inventory reached the lowest level in the last decade.
Average home prices have seen a slight increase as well, with the average sale price for a property in East London clocking in at $334,997 – 16.7% more than August 2018. In North London, the average sale price was $489,358, up 4.8% when compared to last year’s August, while South London saw on increase of 8.3% over August 2018, coming in at an average price of $413,891.
“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,” – Earl Taylor, 2019 LSTAR President
Although this August wasn’t a record breaking month like July, the local real estate market remains strong and consistent, and is poised for future growth throughout the year.