The London and St. Thomas Association of Realtors says 2020 was one of their best years on record for home sales in the region.
Despite the ongoing COVID-19 pandemic, 9,976 homes traded hands last year, which LSTAR says is the second highest they’ve recorded in a single calendar year.
The organization says 596 sales were finalized in December alone, the most ever for a month of December. It also marked the fourth straight month the region broke the previous sales record.
“Realtors started the year with a bang and, contrary to the sombre predictions sparked by the coronavirus restrictions, they ended it on the same note,” said 2020 LSTAR president Blair Campbell.
He says with people spending more time at home this year, many reevaluated their current living situation.
“Some of the trends that emerged saw a higher demand for moving to rural neighbourhoods, owning a house with more rooms for separate work and learning spaces, and having a good sized backyard with a pool,” Campbell said.
“Because all of these might feel out of reach in the bigger cities, many Ontarians have decided to relocate in smaller urban areas, such as London and St. Thomas, thus contributing to the local market’s frenzy.”
The increased demand, coupled with an already low inventory, pushed the home prices up in all five main regions of LSTAR in 2020, with the average sale price hitting $555,000 in December.
North London is the most expensive area of the city, where homes sold on average for $673,872. East London was the cheapest area in the city with an average sales price of $418,200.