Housing prices continue to soar in the London, Ont., and St. Thomas region after the average price for home sales reached nearly $700,000 in September.
The latest stats from the London and St. Thomas Association of Realtors (LSTAR) show 864 homes were sold during the month in London, Central Elgin, Strathroy-Caradoc, Middlesex Centre and St. Thomas.
The average home price jumped to $690,861 in September, up from an average home price of just over $620,000 in August.
In 2020, September saw an average home price of $521,883. That figure sat at $412,208 in September 2019.
LSTAR also provided details on September’s Multiple Listing Service (MLS) Home Price Index (HPI) benchmark price, which “reflects the value of a ‘typical home’ from a specific area as perceived by local home buyers based on various housing attributes.”
LSTAR views the benchmark price as a “more accurate way to gauge price trends.”
September’s benchmark price sat at $596,400, which is up from $586,800 in August.
Other data from LSTAR shows the association is on track for a record year in home sales.
The number of residential transactions in September, 864, marks one of the highest for that month since 1978.
So far this year, just over 8,750 homes have traded hands in the region, “which is an unprecedented total for our September year-to-date figures,” according to LSTAR president Jack Lane.
Just over 1,050 new listings came on the local market in September, a number that LSTAR says is on par with values seen before the COVID-19 pandemic.
By the end of the month, 628 active listings were left, which marks the lowest number ever seen by LSTAR for the month of September.
“These figures show clearly that houses in our area are in very short supply,” Lane said.
“At the current sales pace, it would take only a bit over two weeks to liquidate the entire existing housing inventory of LSTAR.”
The association also analyzed the median number of days on market recorded in the region, a number that “reveals how many days it usually takes to sell a home in a certain area,” according to Lane.
“Except for (Central) Elgin, this number was between seven and eight days,” Lane added.
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