"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 Association’s jurisdiction sat at 79.5% last month, 2.4% higher than in October 2018. "This speaks to the brisk pace of the local real estate market, which clearly favours Sellers," Taylor added.
Overall, the average home price was $412,883. This represents an 8.7% increase over October 2018, but is slightly lower than the August average home price of $413,000.
|Area||October Average Sale Price|
Looking at London's three main geographic areas, the average home price in London East was $340,530, up 8.9% from last October. In London South (which includes data from the west side of the city), the average home sales price was $425,631, up 7.4% compared to the previous year, while London North saw an increase of 2.2% over last October, with an average home sales price of $486,584.
The following chart is based on data taken from the Canadian Real Estate Association (CREA) National Price Map for September 2019 (the latest CREA statistics available). It provides a snapshot of how home prices in London and St. Thomas compare to some other major Ontario and Canadian centres.
According to a research report2, a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase. "This means that LSTAR's October home resales would translate into more than $62 million back into the local economy for the period 2018 - 2021," Taylor concluded.