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Interesting March 2023 London Ontario Real Estate Market

In March 2023, 1,079 new residential listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). This makes March the third lowest number of new listings in the last decade.

The number of residential transactions for the month stood at 685, thus marking the lowest number of home sales seen by LSTAR in March since 2014. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR jumped to 63.5%, and the inventory fell from 3 months in February to only 2 in March. 

“The market downturn caused by the rising borrowing costs has created a window of opportunity for buyers to enter the market at a potentially lower price point, but the lack of inventory remains a concern. The coming months will be crucial in determining if the current trend continues, or if there will be a rebound in the market,” said 2023 LSTAR President Adam Miller.

“Despite the ongoing economic uncertainty, the figures recorded by LSTAR in March indicate a tightening of the local real estate market, which is also reflected in the average and HPI benchmark prices observed across the region,” Miller added. 

In March 2023, the average home price and composite MLS® Home Price Index (HPI) Benchmark Price in the jurisdiction of LSTAR were significantly lower compared to the same month in the previous year, by 20.6% and 23.4% respectively. However, these figures were notably higher than those recorded in 2020 and earlier years. In addition, both metrics saw modest month-over-month gains. The average home price for LSTAR in March 2023 was $653,611, while the composite MLS® HPI Benchmark Price was $592,600.

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

AreaMarch 2023 MLS® HPI Benchmark PriceMarch 2023 Average Price
Central Elgin$605,200$789,663
London East$484,000$476,392
London North$706,000$749,499
London South$588,100$659,698
Middlesex Centre$825,600$957,712
St. Thomas$517,400$602,530

Last month, the most popular type of housing in LSTAR’s jurisdiction remained the single-family home, with 497 units sold, followed by the condo townhouse with 98 units changing hands. The apartment came in third place, with only 57 units sold.

“While the average price of single-family homes experienced a year-over-year decline, they still fared better than other house types, with a decrease of only 19.5% compared to March 2022. Moreover, their average price remains 48% higher than that of the third month of 2020. Additionally, the MLS® HPI benchmark price for single-family homes is 46.5% higher than three years ago,” noted Miller.

The following table shows the March 2023 benchmark prices for all housing types in LSTAR’s jurisdiction and how they compare with the values from 2022 and 2020.

MLS® Home price Index Benchmark Prices
LSTAR Composite$592,600↓23.4%↑44.6%
LSTAR Single-Family$638,500↓22.7%↑46.5%
LSTAR One Storey$576,000↓23.2%↑44.9%
LSTAR Two Storey$681,800↓22.4%↑47.5%
LSTAR Townhouse$499,500↓24.2%↑46.1%
LSTAR Apartment$350,600↓31.9%↑18.8%

“When compared to other values recorded provincially and nationally, homes in our area continue to remain relatively affordable,” Miller said. The most recent HPI benchmark prices for March, provided by CREA, can be found in the following table.

What Does This All Mean?

The real estate market in London, Ontario and the area is tightening up with fewer homes for sale and with the Spring market starting, we most likely will see an uptick in sales and prices.

Below are direct links to see what is for sale now on MLS in our area.

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 are 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. 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 your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? 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 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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