The MYLIE Group Real Estate Team shares the latest news for London, Ontario this October
Hello and Happy November!
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To help you make an informed buying or selling decision, here is some recent local real estate news for the London-St. Thomas area.
975 new listings and 504 home sales
In October 2022, the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) saw 975 new listings and 504 home sales. While October’s new listings were on par with the average value recorded for the month of October throughout the last decade, the monthly home sales were at their lowest point in the last ten years.
“This year’s successive increases in interest rates put a big dent in the local home sales activity and made the year-over-year price values plunge. However, it’s not all bad news: LSTAR’s sales-to-new listings ratio increased from 42.4% in September to 51.7% in October, which indicates a more balanced market. Moreover, the overall average home price in the London-St. Thomas region was a bit higher in October than during the previous month, increasing from $635,256 in September to $640,570 last month,” said 2022 LSTAR President Randy Pawlowski.
Benchmark Price edged slightly down but remained higher than the figures seen in 2020
Compared to a year ago, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price edged slightly down but remained higher than the figures seen in 2020 and before. LSTAR’s overall average home price was $640,570 in October, 4.1% less than a year ago, but 21.7% higher than in October 2020. The composite MLS® HPI Benchmark Price sat last month at $584,200, 2.1% lower than last year, but 26.1% higher than in October 2020.
The single-family home remained at the top of the local home buyers’ preferences with 363 homes sold in October, followed by condos, with 73 townhouses exchanging hands. Last month the housing supply remained relatively steady in our area, with 3.2 months of inventory and 1,620 active listings at month’s end. “When compared to other values recorded provincially and nationally, homes in our area continue to remain relatively affordable,” Pawlowski said.
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 at this time of interest rate and inventory number changes and we would be happy to delve into some of the variables with you.
Contact us via text or phone at 519.694.2426.
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