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Record Home Sales London Ontario for November 2019

Seven hundred fifty-two homes in London Ontario and area exchanged hands in  November 2019, the best November ever, since LSTAR (London St.Thomas Association of Realtors) began tracking data in 1978.

London Ontario Latest Real Estate Numbers

There have been 9,658 home resales year to date, which is up 3.2% compared to the same period in 2018, and on course to surpass last year’s total sales.

The sales-to-new listings ratio in LSTAR’s jurisdiction was 90.7%, which the Canadian Real Estate Association (CREA) says favours sellers. A rate between 40% and 60% is generally consistent with a balanced market. A ratio below 40% tends to favour buyers, while a ratio higher than 60% indicates marketplace conditions supporting sellers, according to CREA.

Several regions saw sales-to-new listings ratios above 100%, including London East (105.6%) and Strathroy (107.1%). London and area are still experiencing low inventory levels, which continues to impact the average home sales price in all regions.

Overall, the average home price was $416,116, up 10.6% compared to November 2018.

Area November Average Sale Price
Elgin County $417,206
London $426,887
Middlesex County $514,016
St. Thomas $327,731
Strathroy $400,727
LSTAR $416,116

Looking at London’s three main geographic areas, the average home price in London East was $357,796, up 18.6% from last November. In London South (which includes data from the west side of the city), the average home sales price was $424,900, up 12.2% compared to the previous year, while London North saw an increase of 1.9% over last November, with an average home sales price of $493,896.

Here is what is for sale in a few London Neighbourhoods.

The following chart is based on data taken from the CREA National Price Map for October 2019 (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.

Average home prices in Canada at the end of October 2019

According to a research report2, a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over three years from the date of purchase.

The London and St. Thomas Association of REALTORS® (LSTAR) exists to provide its REALTOR® Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada’s 15 most significant real estate associations, representing over 1,900 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign.

 

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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-tos, and what is for sale on MLS. 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 thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, 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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