The MYLIE Group Real Estate Team shares the latest news for London, Ontario this May
Hello and Happy May!
The warm spring weather is finally here!!!! Now is the perfect time to start those outdoor springtime home projects while soaking in the sun! Or, maybe you’re thinking it’s about time to start looking for that next perfect home? If so, here is some local real estate news for the London-St. Thomas area.
In April 2022, 877 homes traded hands in the London-St. Thomas area and 1,609 new property listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The local housing supply bounced up to 1.2 months of inventory in April from only 0.6 months in March.
“These figures suggest a soft landing of the local real estate market: the April home sales are on par with the ten-year average and last month’s sales-to-new listings ratio of 54.5% signals that we’re trending towards a more balanced market,” said Randy Pawlowski, 2022 LSTAR President.
Benchmark price for real estate in Ontario falls
Out of the 877 units sold last month, 648 were single-family homes, 121 – condo townhouses, and 74 – apartments. Within the same time frame, LSTAR’s composite Home Price Index Benchmark Price saw a 4.5% month-over-month decline – from $774,200 in March to $739,700 in April. A similar difference was also seen in LSTAR’s overall average home price, which decreased from $823,954 in March to $771,682 in April. “In April, the average price for a single-family home in LSTAR’s jurisdiction sat at $840,415, that of a condo – at $618,049, and the overall average price for an apartment – at $476,283,” Pawlowski said.
648 Single-family homes were sold last month
“There is nothing dramatic about the decline in home prices. These single-digit decreases were actually expected after two consecutive interest rate hikes by the Bank of Canada and the Ontario Government’s decision to expand and increase the non-resident speculation tax,” Pawlowski explained.
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 interest rate and inventory number changes 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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