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.
| Area | May 2023 MLS® HPI Benchmark Price | May 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 |
| Strathroy-Caradoc | $762,700 | $683,989 |
| LSTAR | $619,800 | $682,561 |
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 Type | May 2023 | Change Over May 2022 | Change 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.
