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January 2020 London Ontario Real Estate Market Sizzling!

Real estate sales in London Ontario and area started 2020 sizzling as the house sales recorded the second-best January since 1978 when we started tracking the markets’ performance.

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568 homes exchanged hands in January 2020, two less than the same period in 2017, which set the record!

The average home price for the region was $437,197, 13.9% higher than a year ago and 48.2% over January 2017. Compared to January 2010, the percentage of price growth is a whopping 95.2%, which means that the value of homes in our area has almost doubled in the last ten years.

Inventory is another important measure of the balance between sales and the supply of listings. This shows how long it would take to liquidate existing inventories at the current rate of sales activity. At the end of January 2020, there were 2.2 months of inventory across the entire LSTAR district – the lowest level in the last ten years.

The following table illustrates last month’s average home prices in our main regions and how they compare to the values recorded at the end of January 2019.

Area January 2020 Average Sale Price Change over January 2019
Elgin County $410,314 ↑25.6%
London $452,924 ↑16.8%
Middlesex County $482,669 ↓ 2.3%
St. Thomas $384,291 ↑12.0%
Strathroy $452,960 ↑13.8%
LSTAR $437,197 ↑ 13.9%

Looking at London’s three main geographic areas, it’s worth to note that January was a record month for home sales activity in London South, which also includes data from the west side of the city, this area had its best January ever, with 139 house sales and an average home price of $464,862 – 22% higher than one year ago and 93.2% more than 10 years ago.

The average home price in London East was $388,161, up 22.3% from last January, while London North saw an increase of only 5.4% over last January, with an average home sales price of $503,576.

Two other regions that saw record home sales in January were Elgin County – with 42 residential transactions and Middlesex County – with 49. On the other hand, in both St. Thomas and Strathroy, home sales were on par with the ten-year average – with 41, respectively 15 real estate transactions.

The following chart is based on data taken from the CREA National Price Map for December 2019 (the latest CREA statistics available). It provides a snapshot of how home prices in London and St. Thomas compare to some other major Ontario and Canadian centres.

Average home prices in Canada at the end of December 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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