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.
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|
|Middlesex County||$482,669||↓ 2.3%|
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.