In December 2022, 299 residential properties sold in the jurisdiction of the London and St. Thomas Association of Realtors (LSTAR), bringing the total number of homes sold in 2022 to 7,639.
December 2022 was the lowest number of home sales recorded by LSTAR in the last ten years! In 2022 was the second lowest number of home sales since 2012! The number of new listings increased as well ,the second-highest yearly total in the last ten years!
Now, these numbers do not lie but this is not all doom and gloom and woe is me. There is always a market within a market.
Buyers have more choices and time to shop, there will be few if any multiple offers, buyers can safely request conditions such as home inspections , condition of financing or a condition for condo buyer a status certificate request. For sellers, homes that are priced right, marketed properly will receive a price they can live with.
Now that interest rates are normal and where they should be for a country to function, financial prudency, or should I say, should function, we will see fewer unqualified investors, fewer buyers with a minimal buyer credit score and a gold rush mentality.
The following table shows how December’s average home prices in LSTAR’s main regions compare to the benchmark prices for the same areas.
| Area | December 2022 MLS® HPI Benchmark Price | December 2022 Average Price |
|---|---|---|
| Central Elgin | $588,600 | $549,343 |
| London East | $458,900 | $448,002 |
| London North | $676,200 | $713,297 |
| London South | $563,200 | $613,050 |
| Middlesex Centre | $804,600 | $901,286 |
| St. Thomas | $496,100 | $521,154 |
| Strathroy-Caradoc | $693,700 | $657,985 |
| LSTAR | $575,500 | $615,247 |
The following table shows the December benchmark prices for all housing types in LSTAR’s jurisdiction and how they compare with the values from the previous year.
| MLS® Home price Index Benchmark Prices | ||
|---|---|---|
| BENCHMARK TYPE | DECEMBER 2022 | CHANGE OVER DECEMBER 2021 |
| LSTAR Composite | $566,600 | ↓15.1% |
| LSTAR Single-Family | $601,200 | ↓15.6% |
| LSTAR One Storey | $544,500 | ↓11.8% |
| LSTAR Two Storey | $640,000 | ↓17.6% |
| LSTAR Townhouse | $505,100 | ↓12.2% |
| LSTAR Apartment | $377,700 | ↓13.4% |
When compared to other values recorded provincially and nationally, real estate in London and area is reasonably priced,” The following chart shows HPI benchmark prices for December provided by The Canadian Real Estate Association (CREA)
