451 homes were sold through the Multiple Listing Service® (MLS®) System of the London and St. Thomas Association of Realtors (LSTAR) in November 2022, consisting of 336 single family homes, 64 condo townhouses, and 36 apartments.
875 residential listings were posted on MLS in November 2022, a record high which increased the housing inventory to 3.3 months, which means a buyer’s market !Yes, interest rates have risen and everywhere you turn you read ,hear or gossip about the economy, inflation and economic turmoil. Now, we are in a normal market; interest rates are where they should be, the value of homes is where they should be, and if you look around, you see ‘help wanted ads’ everywhere and most companies and organizations are short-staffed and need employees.
Yes, prices have dropped but have dropped to where they should be based on values and not hyped shortages and lack or greed. For serious solid buyers, what a great time to buy, you have less competition, more homes to compare and the price you pay will be value based, not perception based.
LSTAR’s average home price was $615,247 in November, 7.8% less than a year ago. The composite MLS® Home Price Index (HPI) Benchmark Price was $575,500 last month, 10% down from last year, again to about where they should be, we may see another 5-10% decrease overall, but that will be from homes that were listed at prices based on what sold 6-10 months ago!
The following table shows how November’s average home prices in LSTAR’s main regions compare to the benchmark prices for the same areas.
| Area | November 2022 MLS® HPI Benchmark Price | November 2022 Average Price |
|---|---|---|
| Central Elgin | $582,300 | $622,909 |
| London East | $468,500 | $502,606 |
| London North | $687,400 | $705,725 |
| London South | $569,800 | $617,379 |
| Middlesex Centre | $812,200 | $921,460 |
| St. Thomas | $492,900 | $515,180 |
| Strathroy-Caradoc | $712,200 | $637,977 |
| LSTAR | $575,500 | $615,247 |
The following table shows the November 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 | NOVEMBER 2022 | CHANGE OVER NOVEMBER 2021 |
| LSTAR Composite | $575,500 | ↓10.0% |
| LSTAR Single-Family | $614,000 | ↓10.2% |
| LSTAR One Storey | $562,000 | ↓7.3% |
| LSTAR Two Storey | $649,500 | ↓11.8% |
| LSTAR Townhouse | $490,800 | ↓9.9% |
| LSTAR Apartment | $391,200 | ↓5.4% |
When compared to other areas of Canada and most Ontario centres, London and the area offer some of the best values in the market.
