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Home Sales in London Ontario Remain Robust For August 2019

For the London and St Thomas Association of REALTORS® (LSTAR) last month was the August with the third-highest volume of residential sales in the last decade. 917 homes exchanged hands in the Association’s jurisdiction – just four less than in August 2018. New listings increased to 1,189 but still didn’t reach the ten-year average. Overall, the inventory levels were slightly elevated over August 2018 – 1.9 months over just 1.7. During the same period, the average home price was 9.1% higher than one year ago, sitting at $413,010.

Area August Average Sale Price
Elgin County $363,749
London $415,808
Middlesex County $496,101
St. Thomas $342,134
Strathroy $402,360
LSTAR $413,010

In London, the average sale price for a home in the East part of City was $334,997, up 16.7% from last August. In London North, the average sale price was $489,358, up 4.8%, as compared to the previous year, while in London South, it was $413,891 – an increase of 8.3% over August 2018.

“The high local housing demand, coupled with London’s low inventory levels create the perfect storm for the smaller urban areas surrounding the Forest City,” observed Earl Taylor, 2019 LSTAR President. “At least, that’s what the latest figures suggest: Middlesex County recorded its highest volume of August home sales ever – 72, while St. Thomas and Strathroy had both their second-best August for home sales – with 68, respectively 24 residential real estate transactions,” Taylor explained. “In its turn, Elgin County saw 60 home sales – the exact same number as in August 2017, while its inventory reached the second-lowest level in the last decade,” he added.

“Despite the fact that August wasn’t a record month like July, all local real estate markets remained vibrant,” Taylor emphasized.

According to a report by the Canadian Real Estate Association, last month, in London, the median number of days that a home was on the market was 14 – up from 13.5 days in July.

In Elgin County, the median number of days spent by a home on the market was 26 – up from 20; in Middlesex County it was 15 – down from 24; in St. Thomas it was 13 days – up from 12; and in Strathroy was 14, as compared to 12 days last month.

The following chart is based on data taken from the CREA National MLS® Report for July 2019 (the latest CREA statistics available). It provides a snapshot of how seasonally adjusted average home prices** in London and St. Thomas compares to other major Ontario and Canadian centres.

Average home prices in Canada at the end of July 2019

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-tos, and what is for sale on MLS. Our primary focus is guiding home buyers and sellers to make good decisions. 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! 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 boring, but we are dealing with hundreds of thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, you do not want to hear blah blah stuff about awards, designations, or that we walk older adults 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; success leaves clues!

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