2020 was on track to be “another record year” for the London and St. Thomas Association of Realtors (LSTAR), but the novel coronavirus pandemic has resulted in a dramatic decrease in home sales in the region.
According to LSTAR, there were 469 home sales in April 2020, down 55.4 per cent from April 2019. Listings were also down 50.3 per cent from the year before with just 738.
“As anticipated, the volume of sales was one of the lowest for April since the association started tracking data, back in 1978,” said 2020 LSTAR president Blair Campbell.
Campbell added, however, that the data is not surprising considering the province prohibited open houses at the beginning of April, many sellers decide to postpone putting properties on the market and many realtors stopped trading “in order to protect their families and their clients.”
“Now, with the provincial government planning to reopen the economy, we are expecting that, once that happens, the local markets will start to gradually recover.”
As for the cost of a home, the overall average home price climbed 0.4 per cent compared to a year ago to $423,143 in April.
The modest increase is the average of wild swings within the region, with home prices in Elgin County, London and St. Thomas changing little while home prices in Middlesex County climbed 18.8 per cent and home prices in Strathroy fell 13.3 per cent.
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