The London and St. Thomas Association of Realtors (LSTAR) is reporting the lowest number of February home sales since 1995.
The association says only 436 residential transactions were recorded in February 2023 while 761 new listings entered the market last month.
The overall sales-to-new listings ratio was 57.3 per cent.
January also saw low numbers. It had the lowest number of homes sales seen since 2009 with only 344 residential transactions.
Compared to February 2022, the overall average home price was significantly lower, down 24.2 per cent. LSTAR’s overall average home price was $621,912 last month.
“Out of all house types, single-family homes were the ones that drove the month-over-month increases we noticed in the average and benchmark prices,” said LSTAR president Adam Miller.
“Last month, the average price of a single-family home was $673,226 in our area, 25.2 per cent lower than in February 2022, but also 5.6 per cent higher than in January 2023,” he stated.
In February, the single-family home continued to be the most desirable housing type, with 325 transactions recorded.
Following closely behind was the condo townhouse, which saw 56 units exchanged. Only 34 apartment units were sold during the same period.