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A Balanced London Ontario Area Real Estate Market?

For October 2022, the London and St. Thomas Association of REALTORS® (LSTAR) reported 975 new listings and 504 home sales. While October’s new listings were on par with the average value recorded for the month of October throughout the last decade, the monthly home sales were at their lowest point in the last ten years!

However, LSTAR’s sales-to-new listings ratio increased from 42.4% in September to 51.7% in October, a more balanced market that means a more level playing field for buyers and sellers!

Compared to a year ago, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price edged slightly down but remained higher than the figures seen in 2020 and before. LSTAR’s overall average home price was $640,570 in October, 4.1% less than a year ago, but 21.7% higher than in October 2020. The composite MLS® HPI Benchmark Price sat last month at $584,200, 2.1% lower than last year, but 26.1% higher than in October 2020.

The following table shows how October’s average home prices in LSTAR’s main regions compared to the benchmark prices for the same areas. 

AreaOctober 2022 MLS® HPI Benchmark PriceOctober 2022 Average Price
Central Elgin$589,900$774,480
London East$475,500$491,525
London North$701,300$814,524
London South$577,300$593,593
Middlesex Centre$828,100$1,364,559
St. Thomas$502,000$509,198

The single-family home remained at the top of the local home buyers’ preferences, with 363 homes sold in October, followed by condos, with 73 townhouses exchanging hands. Thirty-seven apartment condos sold with the average price in the London-St. Thomas region was $416, 516, 8% higher than in October 2021, while its HPI benchmark price was $398,600, up 2% over the same time a year ago.

The following table shows the October 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
LSTAR Composite$584,200↓5.6%
LSTAR Single-Family$624,900↓6.2%
LSTAR One Storey$559,400↓6.5%
LSTAR Two Storey$669,800↓5.9%
LSTAR Townhouse$489,400↓1.4%
LSTAR Apartment$390,800↑2.0%

Last month the housing supply remained relatively steady in our area, with 3.2 months of inventory and 1,620 active listings at month’s end which again shows a balanced market is upon us!

MLS Home Price Index across Canada October 2022
Houses for Sale London Ontario & Area
All Townhouses & Townhomes For Sale in London Ontario and surrounding towns and villages for sale

All apartment condos for sale in London Ontario

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and designed and constantly upgraded with the latest real estate trends, how-to’s and what is for sale on MLS. All the so-called Gurus of marketing and branding say a Realtor and their Brokerage should have a bio to let people know about them. I have always felt bios were boasting, bragging, or trying to impress readers; I’ve always felt that our actions and results should impress and not be all talk and no action! As they say in Texas:” All hat and no cattle”! So here goes: We are a small brokerage by choice but mighty in results (over $103 million in transactions since 2014). Our primary source of business is guiding home buyers and sellers to make good decisions. We are transformational in nature and by choice, not transactional! We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well by systemizing the predictable and humanizing the exceptional ( the last seven words are plagiarism, I have copied this from the Four Seasons Hotels & Resorts)! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and perhaps in this era of me-tooism, deservism and impersonal artificial intelligence (an oxymoron), calls on hold for hours or people being busy looking after their busyness that expectations may be jaded! If you would like to know more about the disadvantages of us helping you, contact me, Ty Lacroix, Owner and Broker of Record; however, the advantages are exposed on this site. About Ty Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations, or that we walk old people across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; you see, success leaves clues!

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