Real Estate Blog

Another Record Month for Home Sales

For the second month in a row, LSTAR's home resales achieved a new record, with 752 homes1 exchanging hands in November. It's the best November ever, since the Association began tracking data in 1978.

"We had another solid month, demonstrating the robust marketplace all across the region," said Earl Taylor, 2019 LSTAR President. "There have been 9,658 home resales year to date, which is up 3.2% compared to the same period in 2018, and we're on course to surpass last year's total sales."

The sales-to-new listings ratio in LSTAR's jurisdiction was 90.7%, which the Canadian Real Estate Association (CREA) says favours sellers. A ratio between 40% and 60% is generally consistent with a balanced market. A ratio below 40% tends to favour buyers, while a…

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Home Sales Soar to New Heights in October

LSTAR's residential sales activity hit a new record in October, with 928 homes1 exchanging hands in the Association's jurisdiction. This brings the total number of 2019 LSTAR home sales to 8,909, 3.4% higher than the October 2018 year-to-date figures.

"Once again, home sales soared to new heights, making last month the best October since 1978, when the Association began tracking sales," said Earl Taylor, 2019 LSTAR President. "In addition, the year-to-date data suggests this year's home sales are poised to surpass last year's."

The number of active listings saw a slight year-over-year uptick in October – from 1,596 in 2018 to 1,716 in 2019, but stayed well below the 10-year average. The sales to new listings ratio for the entire…

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Another Strong Month For Real Estate

London and St Thomas Association of REALTORS® (LSTAR) announced 861 homes* were sold last month, marking the second best September for home resales, since the Association began tracking data in 1978.

"In September, home resales across the region were up 11.8%, compared to the same month last year," said Earl Taylor, 2019 LSTAR President. "With three months left in the year, almost 8,000 homes have exchanged hands, which is up 3.6%, compared to this period in 2018."

Meanwhile, inventory remains low, with active listings at 1,841, up 8.8%, compared to September 2018. This number is well below the 10-year average. For comparison, this is down 22.6% compared to three years ago and down 49.6% compared to five years ago.

"What we're experiencing with…

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Local Real Estate Markets Remain Vibrant

For the London and St Thomas Association of REALTORS® (LSTAR) last month was the August with the third highest volume of residential sales in the last decade. 917 homes exchanged hands in the Association’s jurisdiction - just four less than in August 2018. New listings increased to 1,189, but still didn’t reach the ten-year average. Overall, the inventory levels were slightly elevated over August 2018 – 1.9 months over just 1.7. During the same period, the average home price was 9.1% higher than one year ago, sitting at $413,010.

In…

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Best July Ever for LSTAR Home Sales

The London and St Thomas Association of REALTORS® (LSTAR) had another record-breaking month: in July, 1,043 homes* exchanged hands in LSTAR’s jurisdiction, 5.4% more than in July 2018 and only seven units less than in June 2019.

"This makes last month the best July on record for LSTAR residential sales since the Association started tracking home sales back in 1978,” said Earl Taylor, 2019 LSTAR President.

“Looking at last month's home sales in the five main regions of LSTAR, it's worth to note that Middlesex County saw its best July in the last decade, with 99 units sold" Taylor stated. "Moreover, during this same period, 678 homes were sold in London, which marks the second best July ever for residential sales in this city. In addition, Elgin…

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Sales Edge Down, But Local Real Estate Market Still Robust

The London and St. Thomas Association of REALTORS® (LSTAR) announced that 1,050 homes were sold last month in its jurisdiction, 1.3% less units than in June 2018 and 9.6% less than in May 2019. During the same period, there were 1,463 new listings in our area, 0.9% less than a year ago, but the inventory increased slightly over June 2018.

"Even if the home sales edged down last month, our local real estate market is still robust: the year-to-date sales activity saw a 3% increase over June 2018 and a higher level than in any of the first five years of this decade," said Earl Taylor, 2019 LSTAR President.

In London, there were 969 new listings in June and 715 homes exchanged hands, 0.6% more than last year, while the monthly average home price sat at…

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Local Real Estate Market Shows Signs of Stabilization

London and St Thomas Association of REALTORS® (LSTAR) announced 1,146 homes exchanged hands last month in its jurisdiction, 1% less than in May 2018 and 26% down from May 2017, which was a record-setting month – with 1,549 homes sold. The number of active listings for the same area sat at 1,855 in May, with most LSTAR regions seeing year-over-year increases, with the exception of London East and St. Thomas, where this number decreased.

"Some of the May figures show signs of market stabilization, with London North, Elgin County and Middlesex County entering a more balanced territory," said Earl Taylor, 2019 LSTAR President. "This is not the case of St. Thomas, which is still very much a Sellers' Market. In fact, last month, the sales-to-new listings…

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Strong Home Sales Continue in April

London and St. Thomas Association of REALTORS® (LSTAR) announced 1,055 homes* were sold in April, up 7.7% over April 2018. It was the fourth consecutive month to post gains over sales from the previous year, with the number of home resales above the 10-year average.

"The home resales activity in April reflects a very robust start to the spring market season," said Earl Taylor, 2019 LSTAR President. "In fact, last month was the third best April, since LSTAR started tracking data in 1978. We continue to trend higher for total sales compared to 2018 with 2,989 units sold, which is ahead 6.4% compared to the same time last year."

The average home sales price across LSTAR’s jurisdiction reached a record high of $421,375, which is an increase of 14.8%…

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March Home Sales Cap a Strong First Quarter for 2019

London and St. Thomas Association of REALTORS® (LSTAR) announced 814 homes* were sold in March, up 0.4% over March 2018. The number of home resales was right on par with the 10-year average and March was the third consecutive month to post gains over sales one year ago.

"We've had a very strong start to the first quarter of 2019, with steady home sales all across our region," said Earl Taylor, 2019 LSTAR President. "Just three months into the year, there have been 1,939 home resales, which is an increase of 6.0% over the same period last year. If you're considering listing your home in the marketplace, it's a great time to get in touch with your local REALTOR®."

One of the trends in March was the increase in inventory (called active listings) that…

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February Home Sales Remain Steady

London and St. Thomas Association of REALTORS® (LSTAR) announced 603 homes* were sold in February, up 5.6% over February 2018. The number of home resales was right on par with the 10-year average. Two months into 2019, there have been 1,128 home resales, up 10.8% compared to the same time last year.

Across the five major areas of LSTAR's region, average home sales price continued to make healthy gains. The largest year-over-year gain was in Elgin County, with a February average sales price of $360,800, up 33% compared to February 2018. Meanwhile, in London, the February average sales price was $405,186, up 13.5% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $393,911, up 12.5% compared to February 2018.

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