The London and St. Thomas Association of Realtors(LSTAR) announced that 866 homes exchanged hands in March, an increase of 6.9% compared to March 2019.
Compared to a year ago, the overall average home price saw an increase of 10.3% to $447,152 in March. This average sales price includes all housing types, from single-detached homes to high rise apartment condominiums. Across the five major areas of LSTAR’s region, average home sales price continued to increase. The following table illustrates last month’s average home prices by area and how they compare to the values recorded at the end of March 2019.
|Area||March 2020 Average Sale Price||Change over March 2019|
|Elgin County||$409,048||↑ 11.7%|
|Middlesex County||$571,715||↑ 21.1%|
|St. Thomas||$392,196||↑ 8.5%|
The average home price in London East was $393,661, up 20.8% from the same time last year, while London North increased 1.4% over to $527,231. In London South (which contains data from the west), the average home price was $458,666, up 13.8% over March 2019. St. Thomas saw an average price of $392,196, an increase of 8.5% from last March.
The following chart is based on data taken from the Canadian Real Estate Association (CREA) National Price Map for February 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.