The London and St. Thomas Association of Realtors (LSTAR) says sales in June were up 13.8 per cent from the same month last year.
The numbers are also a huge shift over the prior two months, which were hindered by the novel coronavirus pandemic. Home sales were down 55.4 per cent in April 2020 over April 2019 and down 41.6 per cent in May 2020 when compared to May 2019.
LSTAR says 1,188 homes exchanged hands in its jurisdiction in June 2020, making it the “second-best June for home sales since LSTAR began tracking data back in 1978.”
“In all LSTAR’s main regions, June’s volume of residential real estate transactions was absolutely remarkable: Middlesex County and Strathroy had their best June ever, with 99 and 39 home sales respectively; St. Thomas and Elgin County recorded their second best June, with 97 and 77 home sales respectively; and London’s 748 home sales were right on par with the five-year average,” said LSTAR president Blair Campbell.
The overall average home price climbed to $473,998 in June, up 17.8 per cent from a year ago.
Campbell also highlighted that the market is “firmly anchored” in sellers’ territory, with a 78.5 per cent sales-to-new listings ratio in June.
“These figures might sound incredible, with all the social distancing rules and the open house prohibition in place. But, in reality, they show how desirable the properties in our area are and how quickly our members embraced new technologies to serve their clients.”
The median number of days a home was on the market in London was 9, down from 10 in June 2019, according to the Canadian Real Estate Association.
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