Another record-breaking month for real estate sales in London region

The string of record-setting months for real estate sales continues in the London area.

The London and St. Thomas Association of Realtors (LSTAR) says 854 homes were sold in November, an increase of more than 33 per cent compared with the same month in 2019.

That makes it the best November for the organization since it began tracking figures in 1978.

“This is the third consecutive month of record sales, demonstrating how robust the housing marketplace is right now,” said Blair Campbell, LSTAR 2020 president.

“We continue to see increases in average sales price across the region in a market with historically low supply.”

The average price for a home in the region climbed by more than 28 per cent to $536,178.

The biggest year-over-year increase was in London South, where a home is almost 34 per cent HIGHER compared with 2019.

Campbell says inventory is an important measure of the balance between sales and the supply of listings.

“At the end of November, there were 0.7 months of inventory across the entire LSTAR jurisdiction, which is the lowest level in the past 10 years.”

London South, which also includes data for the west side of the city, saw the biggest year-over-year increase in the average sale price at $555,682, a 33.9 per cent increase compared to 2019.

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Meanwhile, the average price in London North rose 26.8 per cent to $619,908, while London East was up 27.4 per cent to $427,639.

In St. Thomas, the average sales price was $426,906, an increase of 28.4 per cent.