Home Sales up 56% in London Ontario in March 2021
The London and St. Thomas Association of Realtors (LSTAR) announced 1,296 homes exchanged hands in March, an increase of more than 56% compared to the same time a year ago. The total sales are the highest recorded for the month of March since the Association began tracking data in 1978.
Low supply and high demand continue to affect the average sales price across the major areas of LSTAR’s jurisdiction.
The following table shows last month’s MLS® Home Price Index (HPI) benchmark prices by area and how they compare to the average sales prices. The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.
| Area | March 2021 MLS® HPI Benchmark Price | March 2021 Average Price |
|---|---|---|
| Elgin | $563,900 | $667,091 |
| London East | $490,600 | $504,399 |
| London North | $681,900 | $732,163 |
| London South | $555,400 | $640,213 |
| Middlesex | $834,600 | $720,331 |
| St. Thomas | $469,500 | $563,047 |
| Strathroy | $671,600 | $633,564 |
| LSTAR | $566,000 | $634,799 |
Single-family homes were the most popular housing type sold in March, with 941 sales. The table below shows the March benchmark prices for all housing types and how they stack up against the values from a year ago.
| MLS® Home Price Index Benchmark Prices | ||
|---|---|---|
| Benchmark Type | March 2021 | Change over March 2020 |
| LSTAR Composite | $566,000 | ↑ 36.2% |
| LSTAR Single-Family | $625,300 | ↑ 41.3% |
| LSTAR One Storey | $555,100 | ↑ 35.0% |
| LSTAR Two Storey | $698,300 | ↑ 46.2% |
| LSTAR Townhouse | $419,300 | ↑ 26.9% |
| LSTAR Apartment | $286,500 | ↑ 3.2% |
Despite increases to the HPI benchmark price and average sales price, homes in LSTAR’s jurisdiction continue to remain relatively affordable when compared to houses from some other major Ontario and Canadian centres. The following chart is based on data taken from the CREA National Price Map for February 2021.
