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Is The London Ontario Real Estate Market Slowing Down?

 

One thousand one hundred forty-six homes were sold through the London and St Thomas Association of REALTORS® (LSTAR) in May 2019, 1% less than in May 2018 and 26% down from May 2017, which was a record-setting month – with 1,549 homes sold. Active listings (homes for sale) were 1,855 in May, the highest so far in 2019

St. Thomas sales-to-new listings ratio was higher than in London – 78.9% versus 69.6% – which means that the existing market conditions in the Railway City favour home sellers. The inventory continues to be very low in St. Thomas, while the average home sale price sits at an all-time high of $363,947.

According to the May 2019 reports by the Canadian Real Estate Association (CREA),  in London, the median number of days on the market (to sell) was eight. In Elgin County 22, in Middlesex County 15, while in St. Thomas and Strathroy it was 13.

Overall, the average home price in the Association’s jurisdiction was $414,878. These prices represent a slight decrease from April 2019, but  13.3% up over May 2018.

Area May Average Sale Price
Elgin County $345,783
London $423,470
Middlesex County $487,421
St. Thomas $363,947
Strathroy $364,580
LSTAR $414,878

By geographic area, the average price in London East was $337,443 – up 15.6% from last May. In London North, the average home sales price was $492,089 – up 9% compared to the previous year, while in London South, it was $434,017 – an increase of 17.2% from May 2018. In St. Thomas, it was $363,947 – up 25.5% over last May.

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

London Ontario Real Estate Price Comparisons

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Ty Lacroix

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 people across the street, 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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