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May & June 2023 a Seller’s Market in London Ontario

In May 2023, 1,397 new listings came on the local market, and 846 homes were sold through our MLS® System of the London and St. Thomas Association of Realtors (LSTAR). While the number of new listings is 23.9% lower than in May 2022, the number of sales is 1.3% higher than a year ago, making the absorption rate 60%, anything over 20% is a seller’s market, and under 15% is a buyers market. See real estate calculations. 

LSTAR’s overall sales-to-new listings ratio for the entire area stood at 60.6% last month. Moreover, the inventory continued to decline, dwindling from 1.8 months in April to a mere 1.7 months in May.

The average selling price for home in the London Ontario area in 2023

January: $585,252

February: $621,912

March: $653,611

April: $664,149

May: $682,560

The table below highlights the average home prices in LSTAR’s primary regions for May, comparing them to the benchmark prices in those same areas.

AreaMay 2023 MLS® HPI Benchmark PriceMay 2023 Average Price
Central Elgin$644,500$781,982
London East$508,100$527,848
London North$730,400$753,265
London South$617,900$682,189
Middlesex Centre$863,000$972,914
St. Thomas$543,100$599,781

Despite a 10% decrease in LSTAR’s average home price and an 11.9% decline in the composite MLS® Home Price Index (HPI) Benchmark Price compared to the same period last year, these figures showed improvement compared to earlier this year. The average home price in May 2023 reached $682,561, while the composite MLS® HPI Benchmark Price sat at $619,800.

Furthermore, the table below presents the May benchmark prices for all housing types within LSTAR’s jurisdiction, showcasing a comparison between current values, those from the previous year, and those from six months ago.

MLS® Home price Index Benchmark Prices
Benchmark TypeMay 2023Change Over May 2022Change Over January 2023
LSTAR Composite$619,800↓11.9%↑7.4%
LSTAR Single-Family$666,900↓11.1%↑8.2%
LSTAR One Storey$607,000↓11.1%↑7.7%
LSTAR Two Storey$708,500↓11.0%↑8.6%
LSTAR Townhouse$513,400↓15.2%↑5.2%
LSTAR Apartment$394,000↓15.0%↑0.9%

In terms of housing preferences, the single-family home remained the top choice among local buyers, with 608 units sold, followed by 128 condo townhouses and 68 apartments.

Houses for Sale London Ontario & Area
All Townhouses & Townhomes For Sale in London Ontario and surrounding towns and villages for sale
All apartment condos for sale in London Ontario

HPI Benchmark Prices in Canada - May 2023

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-to’s and what is for sale on MLS. All the so-called Gurus of marketing and branding say a Realtor and their Brokerage should have a bio to let people know about them. I have always felt bios were boasting, bragging, or trying to impress readers; I’ve always felt that our actions and results should impress and not be all talk and no action! As they say in Texas:” All hat and no cattle”! So here goes: We are a small brokerage by choice. Our primary focus is guiding home buyers and sellers to make good decisions. We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and boring but we are dealing with hundreds of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty Founder & Owner, & Broker of Record of Sutton Group Envelope Real Estate Inc., That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations, or that we walk older adults across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; success leaves clues!

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