January 4, 2018 10:10 am
Updated: January 4, 2018 10:30 am

2017 a historic year for home sales in London, St. Thomas area: LSTAR

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It was a historic year for residential real estate in the London and St. Thomas area last year, according to figures released by the London and St. Thomas Association of Realtors (LSTAR).

The association on Wednesday released its final sales statistics for the month of December and for the year.

In total, the association says 11,203 homes were sold in London, St. Thomas and surrounding areas in 2017 — an increase of eight per cent over 2016. It marks the first time the number has exceeded 11,000 since LSTAR began tracking sales data in 1978.

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The jurisdiction of LSTAR, and what LSTAR refers to as “London and St. Thomas” in its figures, includes London, St. Thomas and other communities within Middlesex and Elgin counties.

London itself saw 7,691 sales over the course of the year, the largest number, 2,921, taking place in London South. London North and London East saw total sales of 2,417 and 2,353, respectively.

Ending the year, St. Thomas saw a total of 901 home sales, up 6.8 per cent from 2016, while Middlesex County, Elgin County, and Strathroy saw 814, 674, and 335 sales, respectively. Sales figures from smaller locales and towns that don’t fall under the broader Middlesex or Elgin categorizations weren’t publicized.

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In a statement, 2017 LSTAR president Jim Smith said the positive momentum seen in the London and St. Thomas-area real estate market over the year was similar to that seen across the country.

“Looking back, we saw it all last year,” he said. “London and St. Thomas achieved so many ‘firsts,’ from six consecutive months of record sales to robust out-of-town interest.”

“In 2018, it will be interesting to see what impact the new mortgage qualification tests will have on the housing market, here in our backyard and across Canada,” he added.

Average home sale prices also increased in 2017, according to LSTAR. The average for London, St. Thomas and surrounding areas was up 18 per cent from 2016 to $330,000.

Inside London, London South saw a 21.7 per cent increase in average home prices to $340,793, London North saw an increase of 18.1 per cent to $407,801, and London East saw an increase of 16.9 per cent to $258,734.

St. Thomas, meantime, saw a 15.2 per cent increase in average home prices to $261,481.

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Down slightly at 14,301 were the number of new residential listings in the London and St. Thomas area, a 1.2 per cent decrease over 2016. “The trend of high demand with low supply continued in 2017, with inventory (called active listings) down 35.6 per cent from the previous year,” said a release from LSTAR.

A full breakdown of the December and 2017 numbers can be found below.

With files from Matthew Trevithick

© 2018 Global News, a division of Corus Entertainment Inc.

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