The London-St. Thomas Association of Realtors (LSTAR) says it started 2020 with “a bang,” recording the most home sales since Jan. 2017.
Last month, 568 homes were sold in LSTAR’s jurisdiction, just two shy of the all-time record recorded three years earlier.
LSTAR says the average home price in the region in Jan. 2020 was 13.9 per cent higher than a year ago and 48.2 per cent higher than Jan. 2017, at $437,197.
“When compared to January 2010,” LSTAR president Blair Campbell said in a release, “the percentage of price growth is a whopping 95.2 per cent, which means that the value of homes in our area has almost doubled in the last 10 years.”
The association also recorded a 9.4-per cent increase in new listings for January 2020, which it calls “fantastic,” noting the lack of inventory the past two years had been a big concern.
The sales-to-new-listings ratio is now 60.5 per cent in London-St. Thomas.
When the data is broken down further, London South had its “best January ever, with 139 house sales and an average home price of $464,862 — 22 per cent higher than one year ago and 93.2 per cent more than 10 years ago,” said Campbell.
In London East, the average home price was up 22.3 per cent from Jan. 2019 to $388,161 while London North saw a 5.4 per cent increase to $503,576.
“Two other LSTAR regions that saw record home sales in January were Elgin County — with 42 residential transactions — and Middlesex County, with 49,” Campbell observed.
“On the other hand, in both St. Thomas and Strathroy, home sales were on par with the 10-year average — with 41, respectively 15 real estate transactions.”