The London and St Thomas Association of Realtors (LSTAR) reported that 1,188 homes sold in the area through MLS up 13.8% from June 2019 and 11.7% more than 2018.
June’s volume of residential real estate transactions was remarkable:
- Middlesex County and Strathroy had their best June ever, with 99 and 39 home sales respectively;
- St. Thomas and Elgin County recorded their second-best June, with 97 and 77 home sales respectively;
- Â London’s 748 home sales were right on par with the average June sales.
Overall, the number of home listings increased in June to 1,513, up 3.4% over June 2019, but the inventory – the number of active listings at month end – decreased to 1.3 months of inventory, its lowest value in the last ten years.
A 78.5% sales-to-new listings ratio recorded in June 2020 demonstrates ha the real estate market is Sellers’ market!
The overall average home price rose to $473,998 in June, an increase of 17.8% over a year ago. This average sales price includes all housing types – from single-detached homes to high-rise apartment condominiums. All five major areas across LSTAR’s region witnessed gains in their everyday home sales price. The following table illustrates last month’s average home prices by sector and how they compare to the values recorded at the end of June 2019.
| Area | June 2020 Average Sale Price | Change over June 2019 |
|---|---|---|
| Elgin County | $445,220 | ↑ 32.6% |
| London | $486,372 | ↑19.3% |
| Middlesex County | $547,444 | ↑ 9.8 % |
| St. Thomas | $382,862 | ↑ 8.5% |
| Strathroy | $425,277 | ↑ 14.7% |
| LSTAR | $473,998 | ↑ 17.8% |
- The average home price in London East was $378,880, up 16.5% from 2019
- London North increased 15.6% over June 2019 to $563,957.
- London South – which also includes data from the west part of the City – the average home price was $500,453, up 24.1% over June 2019.
- St. Thomas saw an average home price of $382,862, an increase of 8.5% from last June.
According to a report by the Canadian Real Estate Association (CREA), last month, in London, the median number of days that a home was on the market was 9 – down from 10 days in June 2019.
- Elgin County, the median number of days on the market was 18 – down from 21;
- St. Thomas was 8 – down from 11;
- Strathroy was 18 – up from 11;
- Middlesex County was 13 – the same in June 2019.
The following table is data taken from the CREA National Price Map for May 2020 (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.
*Areas displaying MLS® Home Price Index benchmark prices; all other areas show average prices
