February 5, 2019 3:39 pm

2019 home sales off to strong start in London, St. Thomas: LSTAR

A sign advertises a new home for sale in Carleton Place, Ont., on March 17, 2015.

THE CANADIAN PRESS/Sean Kilpatrick
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The latest stats from the London St. Thomas Association of Realtors (LSTAR) show there was a 17.4 per cent increase in the number of homes sold last month compared with January 2018.

READ MORE: Slow start to the year for real estate sales in London and St. Thomas

“We’re starting to observe signs of movement toward more balance in the marketplace, based on the sales-to-new listings ratio,” said Earl Taylor, 2019 LSTAR president, in a statement.

“In January, the ratio was 60.9 per cent across LSTAR’s jurisdiction. The Canadian Real Estate Association says a ratio between 40 per cent and 60 per cent is generally consistent with a balanced market.”

Officials say the average sales price in London was $387,859, up 11.2 per cent from January 2018, though the number varies even within the city. In St. Thomas, the average home sales price in January was $343,178, up 34 per cent. Strathroy’s average sales price spiked by 41.4 per cent to $398,150.

© 2019 Global News, a division of Corus Entertainment Inc.

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