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The London Ontario Real Estate Market Is Balancing Out

In August 2023, 569 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 3.2% fewer than in August 2022. During the same period, 1,212 new listings came on the market, 13.2% more than in the eighth month of 2022. The local housing supply saw a slight increase from 2.9 months of inventory in July to 3.4 months in August. 

With new listings outpacing sales, LSTAR’s overall sales-to-new listings ratio was 46.9% in August. This means the market is slowly becoming a balanced market, neither a buyer’s nor a seller’s market.

The following table shows the average and MLS® HPI Benchmark Prices recorded last month in LSTAR’s main regions.

AreaAugust 2023 MLS® HPI Benchmark PriceAugust 2023 Average Price
Central Elgin$636,700$747,120
London East$497,000$492,858
London North$709,100$716,507
London South$605,400$702,729
Middlesex Centre$847,700$978,164
St. Thomas$541,700$555,051

August’s overall average home price sat at $663,663, slightly lower than in the previous month, but 4.2% higher than a year ago. LSTAR’s composite MLS® HPI Benchmark Price came in at $607,400, 0.9% down from July, but 1% over a year ago. 

“The average sales price is determined by adding up the sale prices of all types of homes sold and dividing that total by the overall number of units sold. In contrast, the HPI benchmark price provides insight into the value of what’s considered a ‘typical home’ according to local buyers, taking various housing characteristics into account. While averages can be influenced by a small number of high-end sales occurring within a single month, the HPI benchmark prices offer a more reliable means of identifying long-term price trends,” Adam Miller , chair of LSTAR explained.

The table below shows the August benchmark prices for all housing types within LSTAR’s jurisdiction, comparing changes from the previous month and six months ago.

MLS® Home price Index Benchmark Prices
Benchmark TypeAugust 2023Change Over July 2023Change Over 6 Months Ago
LSTAR Composite$607,400↓0.9%↑3.9%
LSTAR Single-Family$651,200↓1.0%↑3.6%
LSTAR One Storey$593,600↓0.1%↑6.0%
LSTAR Two Storey$692,700↓1.4%↑2.6%
LSTAR Townhouse$510,100↓1.3%↑4.6%
LSTAR Apartment$398,700↑1.5%↑9.4%

The single-family home remains the favourite house type of local buyers, with 427 sales in August. Condominium townhouses rank second, with 86 units sold, followed by apartments, with 51 units exchanging hands.

In August, the average price of a single-family home located in LSTAR’s jurisdiction stood at $726,263, while that of a condo townhouse was $519,970. The average price of an apartment sat at $417,321. 

“It’s interesting to note that condos, one-storey homes, and apartments saw the highest year-over-year price appreciation. That may be a reflection of the changing needs of an aging population,” Miller observed.

“Despite these price appreciations, homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers,” Miller said. The following chart shows the latest HPI benchmark prices, courtesy of CREA.

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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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