February 2023 Year to Date Real Estate Numbers London Ontario and Area
In February 2023, the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) recorded 436 residential transactions.
There were 761 new listings in February 2023 bringing the number of active listings to 1,320.
Compared to February 2022, the overall average home price and the composite MLS® Home Price Index (HPI) Benchmark Price were significantly lower, down 24.2% and 25.1%, respectively. Despite this, both metrics saw modest month-over-month growth. LSTAR’s average home price was $621,912 last month, while the composite MLS® HPI Benchmark Price was $583,500.
To further understand the market, the following table illustrates February’s average home prices in LSTAR’s main regions compared to the benchmark prices for those same areas.
|Area||February 2023 MLS® HPI Benchmark Price||February 2023 Average Price|
In February, the single-family home continued to be the most desirable housing type in London and the area, with a total of 325 transactions recorded. Next were condo townhouses with 56 sales, and thirty-four apartment condos were sold, which is relatively low.
Providing a comprehensive overview of the benchmark prices for all housing types in LSTAR jurisdiction, the following table presents the figures for February 2023. This data allows for a direct comparison with the benchmark prices from the preceding years of 2022 and 2020.
|MLS® Home price Index Benchmark Prices|
|BENCHMARK TYPE||FEBRUARY 2023||CHANGE OVER FEBRUARY 2022||CHANGE OVER FEBRUARY 2020|
|LSTAR One Storey||$558,400||↓25.2%||↑43.0%|
|LSTAR Two Storey||$676,300||↓24.8%||↑48.4%|
Compared to other values recorded provincially and nationally, homes in our area remain reasonably priced!