The London Ontario, real estate market may be switching from a Seller’s market to a balanced market with 1,544 listings coming on the local market, making last March 2022 the highest number of listings in the history of LSTAR (the London and St. Thomas Association of REALTORS®). 1049 homes were sold in March 2022.
In March, the average price for all home types in the London area was $823,954, whereas LSTAR’s composite MLS® Home Price Index Benchmark Price sat at $774,200.
The following table shows how March’s average home sales prices in LSTAR’s five main regions compare to the benchmark prices for the same areas.
|Area||March 2022 MLS® HPI Benchmark Price||March 2022 Average Price|
Out of the 1,049 units sold last month, 756 were single-family homes, 140 – condo townhouses, and 107 – apartments.
In March, the average price for a single-family home in LSTAR’s jurisdiction was $894,306, for townhouse condos at $692,187 and apartment condos at $501,961.
The following table shows the March benchmark prices for all housing types in LSTAR’s jurisdiction and how they compare with the values from a year ago.
|MLS® Home Price Index Benchmark Prices|
|Benchmark Type||March 2022||Change over March 2021|
|LSTAR Composite||$774,200||↑ 35.9%|
|LSTAR Single-Family||$831,100||↑ 33.4%|
|LSTAR One Storey||$777,900||↑ 40.1%|
|LSTAR Two Storey||$884,700||↑ 29.3%|
|LSTAR Townhouse||$638,700||↑ 49.7%|
|LSTAR Apartment||$445,100||↑ 36.5%|
The following table is based on the Canadian Real Estate Association (CREA) data for March 1st, 2022.