The MYLIE Group Real Estate Team shares the latest news for London, Ontario this July
Hello and Happy August!
It has definitely been a hot, hot summer so far!! We hope you have been finding ways to stay cool. Please take a look at our Featured Listings. They just might contain your next dream home, and if you don’t see it there, we would love the chance to help you find that next (or first) perfect home!!
To help you make an informed buying or selling decision, here is some recent local real estate news for the London-St. Thomas area.
Ontario housing market continues to cool!
The local housing market continued to cool off in July, with 514 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The housing supply made a steady gain from 2.8 months of inventory in June to 3.6 months of inventory in July, signaling movement toward a more balanced market.
“With rising interest rates, July saw home sales activity continue to slow down,” said Randy Pawlowski, 2022 LSTAR President. “Inventory has increased, showing more signs of a balanced market. The 3.6 months of inventory in July is in line with the months of inventory recorded during the same month in 2014 and 2015.” “The single-family home remains the most popular housing style, with 384 units sold,” Pawlowski said. “Apartment sales saw the largest gain in average price, at $454,421, up 19.6% compared to the same time a year ago.”
Ontario’s Benchmark Price was down 3.7% from June.
While LSTAR’s composite MLS® Home Price Index Benchmark Price of $624,400 was down 3.7% from June, this value is still 6.4% higher than the figure recorded for July 2021. Similarly, LSTAR’s overall average home price fell slightly from $686,287 in June to $667,323 in July. Compared to the same period last year, this figure is still 7.1% higher. This represents a trend the majority of local markets are experiencing across the country, according to CREA.
“It’s also important to note that every home transaction is unique and does not represent activity across the entire marketplace,” Pawlowski said. “When markets fluctuate, your local REALTOR® can help you navigate through the changing environment, with professional guidance and real-time data whether you’re looking to buy or sell.”
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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