Home resales in London, St. Thomas hit new record 2 months in a row

Jonathan Hayward / The Canadian Press

For the second month in a row, home resales in the London and St. Thomas region hit a new record.

The London St. Thomas Association of Realtors (LSTAR) says 752 homes were sold in November.

LSTAR president Earl Taylor said in a press release that “several regions saw sales-to-new listings ratios above 100%, including London East (105.6%)”

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

Prices rose in London’s three main geographic areas.

The average home price in London East was $357,796, up 18.6 per cent from last November, according to LSTAR.

London South, which includes data from the west side of the city, saw an average home sales price of $424,900, up 12.2 per cent compared to the previous year.

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London North experienced an increase of 1.9 per cent since last November, with an average home sales price of $493,896.

LSTAR says the average home price in London was $416,116, up 10.6 per cent compared to November 2018.

St. Thomas’s average was $327,731 for the month of November.

READ MORE: Prices climb, but London area real estate listings at lowest in decade

The Canadian Real Estate Association (CREA) compared October 2019 sale prices between major cities across Canada.

The London and St. Thomas region sits at $418,091.

Toronto is at $814,400 while Canada is at $519,295.

Taylor says there have been 9,658 home resales year to date, “which is up 3.2% compared to the same period in 2018, and we’re on course to surpass last year’s total sales.”