813 homes traded hands in February 2022 in the jurisdiction of the London and St Thomas Association of REALTORS®, only 8 units less than in the second month of 2021, which was LSTAR’s best February for home sales ever.

“Even though last month our residential transactions fell short by a few units from reaching a new peak, February 2022 succeeded to set quite a few new records,” says Randy Pawlowski, 2022 LSTAR President. “This was the February with the highest number of new listings in the history of LSTAR, but also the one with the lowest housing inventory and the lowermost number of active listings at month-end,” he continued.

1,021 new listings came on the market this month, but only 408 were still active as of February 28. The number of…

268 Views, 0 Comments

529 home sales were recorded by the London and St Thomas Association of REALTORS® (LSTAR) via its MLS® system in the first month of 2022, thus marking the Association’s second best January for home sales ever. During the same month, the local real estate market saw 669 new listings, out of which 286 were still active at month end. 

“Despite the fact that slightly more new listings came on the market, there were only 0.5 months of inventory available at the end of January,” said 2022 LSTAR President Randy Pawlowski. “In other words, at the current pace of sales, the entire listing inventory of LSTAR could be liquidated in just two weeks, something that we have never seen before,” he explained. 

The extraordinary buyers’ demand combined with the…

308 Views, 0 Comments

With 530 homes exchanging hands last month, LSTAR REALTORS® wrapped up 2021 by recording their second best December for residential transactions since the Association started tracking data, back in 1978. This brings the total number of homes sold last year in LSTAR’s jurisdiction to 10,964. 

"2021 proved to be a very strong year for us, with the overall number of home sales approaching the 11,000 mark," said 2021 LSTAR President Jack Lane. "The COVID-19 pandemic, which forced numerous people to work from home for most of this year, continued to fuel our local housing market, bringing the inventory levels to historic lows and pushing the home prices up." 

At the end of December 2021, there were only 175 active listings on the Association's MLS®…

217 Views, 0 Comments

816 homes traded hands last month in LSTAR's jurisdiction, bringing LSTAR's year-to-date total of residential transactions to 10,445. "This year-to-date figure is very close to the total number of home sales recorded at the end of 2017, which was the year with the highest sales activity in the history of LSTAR," said 2021 LSTAR President Jack Lane. "Compared to the same period last year, there were 4.7% less homes sold, but, overall, last month is the second best November for home sales since LSTAR started tracking data, back in 1978," he added. 

The number of active listings at month end continued to decrease. There were only 379 active listings at the end of November in LSTAR's jurisdiction and only 0.5 months of inventory. "This value represents a…

245 Views, 0 Comments

The London and St. Thomas Association of REALTORS® (LSTAR) announced another strong month for home sales in October, with 865 homes exchanging hands. Although down 7.1% compared to the same time a year ago, sales represent the second-highest number of homes sold in the month of October since 1978.

"During the fall season, the sales activity in LSTAR's jurisdiction has been well above the 10-year average," said Jack Lane, LSTAR 2021 President. "High demand and low supply continue to make this a very competitive marketplace. If you're considering listing your home or purchasing a home, your local REALTOR® is the best resource to help navigate through this ever changing marketplace."

An important area to highlight is inventory, which shows how long it…

226 Views, 0 Comments

In September 2021, the London and St. Thomas Association of REALTORS® (LSTAR) experienced another solid month, with 864 residential transactions recorded via its MLS® system. "This value, which represents the second-highest number of homes sold in the month of September in LSTAR's jurisdiction since 1978, puts us on track for a record year. In the first nine months of this year, 8,756 homes traded hands in our area, which is an unprecedented total for our September year-to-date figures," said 2021 LSTAR President Jack Lane.

1,057 new listings came on the local market last month, on par with the values seen in the pre-pandemic years. However, at the end of the month, there were only 628 active listings left - the lowest amount of active listings ever…

224 Views, 0 Comments

925 homes traded hands last month via LSTAR's MLS® system, marking the second best August for home sales since LSTAR started tracking data, back in 1978. However, the pace of sales was slower than in August 2020, with the median number of days spent by a home on the market sitting at 9, compared to only 8 days last year.

"The number of August residential transactions decreased by 4.3% over the same period last year, but, despite this slight change of pace, average and benchmark prices continued to climb," said 2021 LSTAR President Jack Lane. "The overall average home price in LSTAR's jurisdiction for August 2021 was $620,002, and the composite benchmark price - $586,800. These increases were undoubtedly caused by the very low housing supply and the…

211 Views, 0 Comments

The London and St Thomas Association of REALTORS® (LSTAR) reported 993 homes sold last month in its jurisdiction. "Even though this represents the second highest number of home sales recorded via LSTAR's MLS® system for the month of July, this value is more in line with our pre-pandemic figures, which suggests that our market may be stabilizing," said LSTAR 2021 President Jack Lane. 

LSTAR's overall average sales price was $614,913 in July 2020, 26.6% over the same period last year. 

“July's average sales price was slightly lower than the year-to-date value, which reflects the moderating trend seen across the country, reinforcing, at the same time, the idea that our local real estate market is starting to level off. However, the high demand for…

393 Views, 0 Comments

The London and St Thomas Association of REALTORS® (LSTAR) announced 1,194 homes exchanged hands last month, the highest number of home sales recorded via the MLS® system for the month of June since the Association began tracking data in 1978.

"We're halfway through the year and the housing marketplace continues to be very strong," said LSTAR 2021 President Jack Lane. "We're encouraged by year-to-date sales, which are performing ahead of 2020. At the end of June, there have been 6,378 sales, up 49.4% over the same period last year."

The average sales price across the LSTAR region in June was $641,072, an increase of more than 35% compared to June 2020.

"The average sales price was on par with what has been recorded over the past four months," Lane…

310 Views, 0 Comments

May 2021 was yet another remarkable month for home sales activity in LSTAR's jurisdiction: the Association recorded 1,258 residential transactions via its MLS® systems - up 87.5% from May 2020, when the local real estate market was experiencing a pandemic-induced decline.

"This number marks the second best May for LSTAR home sales, surpassed only by May 2017, when LSTAR REALTORS® sold 1,433 homes," said LSTAR 2021 President Jack Lane. "However, year-to-date sales are at an all-time high. At the end of May, there have been 5,175 sales, up 64.3% over the same period last year."

The overall inventory figure, which shows how long it would take to liquidate the existing housing supply in our area at the current rate of sales activity, remained at 0.6…

396 Views, 0 Comments