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

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%)”

Prices rose in London’s three main geographic areas.

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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.

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.

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.”