Average home prices remain high and supply is at a record low according to the latest regional data from the London St. Thomas Association of Realtors (LSTAR).
LSTAR says 816 homes traded hands in November, marking the second-highest number recorded during that month since the association began tracking data in 1976.
By the end of November, only 379 active listings remained in LSTAR’s jurisdiction, which marks a new record low in the region’s housing inventory, according to president Jack Lane.
“At the current sales pace, the entire housing inventory of LSTAR could be liquidated in only two weeks,” Lane said in a release published on Thursday.
The association says a combination of high demand and very slow supply has pushed up the average sale price of homes.
November’s average home price came in at just under $674,000, up from just over $536,000 in 2020.
Meanwhile, the 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,” sat at $633,700. LSTAR considers this statistic to be a more accurate way to gauge price trends.
As for the type of homes being purchased, single-family homes are the most popular with 593 units sold in November.
Last month was also LSTAR’S best for selling condo townhouses and apartments, with 111 and 79 exchanging hands, respectively.