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.
|Area||October 2022 MLS® HPI Benchmark Price||October 2022 Average Price|
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|
|BENCHMARK TYPE||OCTOBER 2022||CHANGE OVER OCTOBER 2021|
|LSTAR One Storey||$559,400||↓6.5%|
|LSTAR Two Storey||$669,800||↓5.9%|
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!