Market Continues to Stay Strong Throughout LSTAR Region
The London and St. Thomas Association of Realtors recorded 861 homes sold last month within the association’s jurisdiction, which was the second best September for home resales since 1978.
Inventory for the area remains low, with 1,841 active listings, up 8.8% from September 2018. This number is still well below the 10 year average, with inventory down 22.6% compared to 3 years ago, and down 49.6% compared to 5 years ago.
“What we’re experiencing with low inventory has had an impact on the average home sales price. Each of the 5 major areas in LSTAR’s jurisdiction saw an increase last month.” – Earl Taylor, 2019 LSTAR President
Home prices went up 20.4% in Elgin County, 6.6% in Middlesex, and up 6.5% in Strathroy since last month. London also saw an increase of 5.1%.
Overall, the average price for a home within the area was $412,208, showing an increase of 6.8% from September 2018.
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In summary, the Real Estate market for the London and St. Thomas area continues to stay strong, as records continue to get broken throughout the year.