The MYLIE Group Real Estate team has the latest news for London Ontario this March!
Hello and Happy March!
We hope that everyone is staying safe and is looking forward to the warm spring weather that is on the way!
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 inventory months remained at 0.5 – unchanged from the previous month. “These numbers illustrate perfectly the acute imbalance between the high demand for homes in our area and the severe housing supply shortage we’re facing,” Pawlowski emphasized. “In such conditions, average prices and benchmark prices can’t go anywhere else, but up,” he added.
In February, the overall average price for all home types in our area was $825,221
Whereas LSTAR’s composite MLS® Home Price Index Benchmark Price sat at $749,000. The single-family home remains on top of the local home buyers’ preferences, followed by condo townhouses and apartments. “572 single-family homes, 127 condo townhouses, and 75 apartments were sold last month in our area.
As always, if you are thinking of building, selling or buying a home or an investment property, please give us a call. There are important details to know about the moving process in this time of COVID restrictions and we would be happy to delve into some of the variables with you. Let’s discuss how we can help you take advantage of the current market opportunities.
Contact us via text or phone at 519.694.2426.
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