In April 2020, there were 469 home sales for the London and St. Thomas Association of Realtors (LSTAR), down 55.4% from April 2019 and 54.8% less than in April 2010. The number of listings dropped to 738 in April, which represents a 50.3% decrease from a year ago and 56.8% from ten years ago.
The COVID social distancing rules slowed the momentum because there were fewer listings as sellers & Realtor’s fears and caution imploded. Understandable and rightfully so! I never use the word, ‘but,’ the homes that did sell and for the buyers who bought or who wanted to buy, home prices did not decrease, there were more buyers than sellers, and multiple offers still occurred.
Compared to a year ago, the overall average home price in the London and area, saw an increase of 0.4%, rising to $423,143 in April. This average sales price includes all housing types – from single-detached homes to high rise apartment condominiums. In the five major areas of LSTAR’s region, the average home sales prices performed differently. The following table illustrates last month’s average home prices by location and how they compare to the values recorded at the end of April 2019.
|Area||April 2020 Average Sale Price||Change over April 2019|
|Elgin County||$390,009||↓ 4.1%|
|Middlesex County||$558,933||↑ 18.8%|
|St. Thomas||$367,566||↑ 3.1%|
South London had the highest number of home sales in April, while North London had the largest price gain compared to April 2019.
- The average home price in London East was $353,009, up 3.7% from the same time last year.
- London North increased by 4.6% over the same period to $530,499.
- London South, which also includes data from the west of the City, the average home price was $428,479, down 1.6% over April 2019
- St. Thomas’s average price of $367,566, an increase of 3.1% from last April.
- The median number of days that a home was on the market in April in London as 14, compared to 9 in 2019.
- In Elgin County, the median number of days for a home on the market was 18 – up from 16.5;
- In Middlesex County it was 16 – up from 15.5;
- In St. Thomas it was 14 days – up from 11;
- In Strathroy, days on the market were 8, down from 12 as compared to a year ago.
The following chart is from the CREA National Price Map for March 2020 (the latest CREA statistics available). It provides a snapshot of how home prices in London and St. Thomas compare to some other prominent Ontario and Canadian centres.