2020 proved to be the second-best year for home sales in the London and St. Thomas Association of REALTORS® (LSTAR) history with 9,976 homes changing hands last year, with 596 sales alone in December, a record!
London Ontario Homes For Sale London Neighbourhoods, Whats For Sale Now & Past Sold History
Where are the London Ontario Homes For Sale? What neighbourhoods? What are the prices? Are they trending up or down? What about apartment condos, townhouses or one-floor townhomes? We keep Londoners informed; take your time, search the menus, search listings; they are refreshed hourly!
May 2021 Another Torrid Real Estate Market In London Ontario And Area
May 2021 was yet another remarkable month for home sales activity in LSTAR’s jurisdiction: the Association recorded 1,258 residential transactions via its MLS® systems – year-to-date sales are at an all-time high. At the end of May, there have been 5,175 sales, up 64.3% over the same period last year.
The overall inventory figure, which shows how long it would take to liquidate the existing housing supply in our area at the current rate of sales activity, remained at 0.6 months – its lowest level in the last decade.
The following table illustrates how last month’s benchmark prices compare to the average sales prices. The MLS® Home Price Index (HPI) benchmark price reflects the value of a “typical home” from a certain area as assigned by local home buyers based on various housing attributes. The average sales price is calculated by adding the sale prices for all the homes sold and dividing that total by the number of transactions. Since monthly averages may be skewed by the type of houses sold in that timeframe, the HPI benchmark price is a more accurate way to gauge price trends.
| Area | May 2021 MLS® HPI Benchmark Price | May 2021 Average Price |
|---|---|---|
| Elgin | $621,400 | $646,427 |
| London East | $506,900 | $502,608 |
| London North | $691,700 | $741,983 |
| London South | $577,100 | $655,662 |
| Middlesex | $856,800 | $808,936 |
| St. Thomas | $507,000 | $547,777 |
| Strathroy | $681,300 | $636,491 |
| LSTAR | $586,200 | $636,053 |
The single-family home remains on top of the local buyers’ preferences, with 937 sales in May. The table below shows the May benchmark prices for all housing types and how they stack against the values from a year ago.
| MLS® Home Price Index Benchmark Prices | ||
|---|---|---|
| Benchmark Type | May 2021 | Change over May 2020 |
| LSTAR Composite | $586,200 | ↑ 42.5% |
| LSTAR Single-Family | $637,700 | ↑ 46.2% |
| LSTAR One Storey | $598,100 | ↑ 49.5 % |
| LSTAR Two Storey | $678,300 | ↑ 43.7% |
| LSTAR Townhouse | $484,900 | ↑ 32.1% |
| LSTAR Apartment | $248,300 | ↓ 8.8 % |
Even though all the increases were seen in the HPI benchmark prices and average sales prices, homes in LSTAR’s jurisdiction appear to be relatively affordable compared to houses from some other major Ontario and Canadian centres. The following table is based on data taken from the CREA National Price Map for April 2021.
According to a research report[1], a total of $73,250 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase.
The pandemic and the newly introduced mortgage stress test have made the home buying and selling processes a bit more challenging, and this is where an experienced Realtor can really make a difference!
2020 Real Estate Market London Ontario & Area Market Numbers
Sell Your Home For The Price You Are Looking For
What you will receive at no cost to you or obligation, you do not have to sign anything or listen to blah blah blah stuff, just the following:
- All the recent sales in your area.
- Compare your home to those that were sold or listed in your area.
- Provide you with an accurate range for your home to sell.
- How to sell your house or condo for as much as you can in your time frame!
- When would be the best time to list your home on MLS.
Working & Growth in London Ontario
Stodgy London, Ontario? Conservative London, Ontario? Passive, moderate, a university city, industrious, medical, science, forest city, golf central, old vs. new, parks, recreation, welcome London!
London’s economic growth over the past few years, housing affordability, and the midway point between the GTA and Detroit have been a beacon for both the young and the retiree to live in London.
Education, science, manufacturing, tech and social newcomers have attracted and are attracting all age groups, supporting the new restaurants, retail, professional services that depend on a currency of new ideas and the vitality of vigorous activity.
The result is a diverse, eclectic, exciting and vibrant mix of people who make this city a beautiful, safe city to live in!
The links below are a start for you to discover London Ontario; even if you live here, have visited once or were educated here, open up, don’t block, look at this city as a gift; it may not have everything that we perceive as we want. Still, embrace it; London is alive & flourishing.
- London’s Workforce Development Strategy
Londoners Care
Londoners have a rich history of volunteering and community involvement. With National Volunteer Week being in April, I thought I would pat those volunteers on the back!
Most donors and volunteers are active because of their hearts, not the visibility in public or self-promotion.
A recent survey carried out by Stats Canada found that London’s volunteer rate is at 60%, which is well above the Canadian average of 46%. In Ontario, it is the highest of any other city or community!
On average, London volunteers contribute 153 hours to volunteering with a nonprofit or voluntary agency each year, and the economic value is an incredible 672 million dollars.
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London, Ontario, sustains over 1200 nonprofit groups and charities. So, what are you doing this week?
Help someone, call someone, smile at someone, help an old lady across the street, help a young lady across the street, feed the birds, pick up some litter, pat a dog, instead of giving the finger to someone, give a wave and a smile, that will upset them!