Real Estate News for February 2023

february real estate in london ontario

The MYLIE Group Real Estate Team shares the latest real estate sales news for London, Ontario this January for February 2023!

Happy February Everyone!

We hope you have some fun filled plans in mind for this upcoming Family Day long weekend…like joining us at The MYLIE Group Sponsored Public Free Skate at Oakridge Arena on Sunday Feb 19, 2023, from 2pm-3:45pm. We hope to see you there for some skating fun, refreshments and snacks! This event requires preregistration. Please check out our community initiatives page for more information and to reserve a skating spot.

Please also check out our Featured Listings, which just might contain your dream home. 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. 

344 residential properties exchanged hands last month

In January 2023, only 344 residential transactions were recorded via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). This makes last month the January with the lowest number of home sales seen by LSTAR since 2009. During the same period, 823 new listings came on the market, thus bringing the number of active listings at month’s end to 1,261. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR sat at 41.8%.

“At a first glance, all these figures seem to indicate a cooling market, with a healthier housing supply. With 3.7 months of inventory, decreasing house prices, and a sales-to-new-listings ratio under 50%, home buyers could appear as favoured. However, when taking into consideration the surging borrowing costs, it’s easy to understand why many buyers are hesitating to get into this market. After last year’s consecutive rate increases, on January 25th, 2023, the Bank of Canada increased its benchmark rate again to 4.5%, further weighing down on people’s spending power and housing affordability,” said 2023 LSTAR President Adam Miller.

Single-family homes are still the most sought after property type!

In January, the single-family home remained the most sought-after house type, with 249 such homes sold, followed by the condo townhouse, with 44 units exchanging hands. The apartment ranked third, with only 38 units sold. Compared with January 2022, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price are substantially lower – by 25.6% and 22.2% respectively. Despite that, both of them are considerably higher than the figures seen in 2020 and before. Last month, LSTAR’s overall average home price was $585,252 and the composite MLS® HPI Benchmark Price came in at $568,300. 

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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Get the latest real estate market news in London, Ontario! Once per month, we will send you an update on sales for the past month, new inventory as well as news that might affect buying or selling in our local backyard. Stay informed with The MYLIE Group Real Estate Team! 

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