January 2018 Real Estate Market Update
London and the St. Thomas Association of REALTORS have announced that 400 homes were sold during the month of January. This number is down by 28.8 % over the same period last year.
There were 623 new home listings, down 31.8% from last January, and there were 1,020 active listings, down 27.7% from this time last year. However, January is typically a slow month when it comes to home sales. One of the factors affecting home sales is also the lack of inventory and how it remains low during the first month of the year.
Average home sales prices continue to rise in the London and St. Thomas area. The average sales price in the region was $333,424, up 9.8% over the same period last year. By geographic area, London South was $351,167 - up 11.5% from last January. In London North, average home sales price was $397,075, up 6.2% compared to the previous year, while in London East, it was $294,348, an increase of 32.1% from January 2017. In St. Thomas, it was $247,135, up 19.7% over last January.
One of the major factors that would have an affect on home sales is the weather conditions. The London, Ontario region did receive a harsher January than last January. Another factor that will be interesting to watch is how the new tighter mortgage rules will have on the overall sales in the London area and throughout Canada.
St. Thomas saw a total of 30 homes sold in January, down 36.2% from the same period last year. When looking at inventory, there were 66 active listings, down 34.7% from last January, and there were 46 new listings, down 32.4% from the previous year.