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October saw record home sales in London and St. Thomas region

THE CANADIAN PRESS Jonathan Hayward

October was a record month for home sales in the London and St. Thomas region.

According to the London and St. Thomas Association of Realtors (LSTAR), a record 906 homes were sold last month.

That’s up 11.9 per cent over October 2017 and the best monthly total for October since LSTAR began tracking data in 1978.

“It was a very strong October, with home resales high above the 10-year-average,” said LSTAR president Jeff Nethercott in a news release. “One of the trends we saw in October was a healthy increase in the number of new listings to the marketplace. October had 1,171 new listings, up 38.1 per cent compared to October 2017. Average sales price continues to make steady gains as well all across the region.”

READ MORE: Canadian housing market increase slowed in August but sales are still up overall

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The biggest gain was in London East where the average sales price was $311,954, up 25.5 per cent from 2017 and up 62.7 per cent compared to five years ago.

London South, which also includes data from the west side of the city, also had some significant gains with an average sales price of $396,019 up 19.9 per cent from 2017 and up 63.4 per cent compared to five years ago.

London North saw an average sales price of $447,036, which is up 10.7 per cent from October of last year and up 46 per cent compared to five years ago.

“Although inventory (what is called active listings) has seen a record low in 2018, October actually had a slight gain,” Nethercott said. “Last month, there were 1,553 active listings in LSTAR’s jurisdiction, up three per cent from October 2017. The sales-to-new listings ratio was 77.4 per cent, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40 per cent and 60 per cent is generally consistent with a balanced market). Of the major geographic centres, London East had the highest sales-to-new listings ratio, at 81.4 per cent.”

READ MORE: Home prices continue to climb in Kitchener-Waterloo

In St. Thomas, the sales-to-new listings ratio was 78.3 per cent, with a total of 65 homes sold in October, down 7.1 per cent from the same time last year.

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The average price of a home in the London and St. Thomas region is $387,455. Across Canada, the average price stands at just over $500,000 with homes in Vancouver and Toronto costing the most, at $1,072,984 and $802,793 respectively.

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