LSTAR Stats December 2017
The London and St Thomas real estate market has had quite the year and one with a lot of historic numbers, especially with the amount of homes that have been sold this year. Last year the average price of a home was just under $284,000.
The number of homes that did exchange hands in November was 637. Sales of homes in London, Ontario are down 13.6%,from the same time last year. However the year-to-date sales of homes are up 9.1%, with a total of 10,790 homes being sold in 2017 so far. This is the highest number of residential sales in the London area since LSTAR (London & St. Thomas Association of REALTORS) began tracking data back in 1978! There is still one more month to go and already the city of London has hit this historic milestone!
year-to-date sales are up 9.1%, with a total of 10,790 homes sold, marking 2017 as the year with the highest number of residential sales since LSTAR began tracking data in 1978, with one more month to go. This upward price might be do to the “Toronto Factor.” As prices in this city rose by 33% and due to this rise, many people were looking for affordable housing options outside of the city. Due to the rising prices in Toronto, this brought the spotlight on London, Ontario.
In November, the average sales price of a home across London and St. Thomas area was $322,303, up 11.6% from the same time a year ago. The average year-to-date sales price is $330,039, up 18.0% from November 2016.
In the area of London South, the average home sales price was $344,010, up 16.6% compared to a year ago, while in London East, it was $255,518, up 7.9% from November 2016. In London North, average home sales price was $383,147, up 9.9% compared to this time last year, while in St. Thomas it was $260,763, up 19.4% compared to a year ago. This surge in sales and prices took all real estate agents in London, Ontario all by surprise.