The MYLIE Group Real Estate Team shares the latest real estate sales news. Follow along to learn more about real estate sales in London, Ontario in June 2023!
Happy June Everyone!
Welcome to the June 2023 edition of The MYLIE Group’s Real Estate newsletter. We hope to see you all this Saturday June 17, 2023 at Anova’s Paws For a Cause Fundraiser Event at The Green in Wortley Village from 11am-4pm. Come on out and support the Pet Program at Anova! Pets are part of the family, and unfortunately that means that in instances of domestic violence, they are also on the front lines. It is excruciating to be forced to choose between your own safety and the safety of your pet. For many, staying with their pets often means staying in an abusive situation. That is why Anova has a pet-friendly shelter; so that when folks are ready to leave, they can bring their family with them to safety at ANOVA. But they can’t do it alone. THEY NEED YOUR SUPPORT! For more information or to donate directly to this very important cause please click here!
Make sure to check out our Featured Listings below, as your dream home might be waiting for you there. If you don’t find it, we would be thrilled to assist you in finding that perfect home, whether it’s your first or next one! Also, as we step into a new month, we bring you the latest trends, market updates, and expert advice on buying and selling properties. Stay informed and discover valuable insights to navigate the dynamic world of real estate in the London-St.Thomas and surrounding areas below. Let’s dive in!
The Housing Market in Ontario is on the Rebound
In May 2023, 1,397 new listings came on the local market and 846 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). While the number of new listings is 23.9% lower than in May 2022, the number of sales is 1.3% higher than a year ago.
LSTAR’s overall sales-to-new listings ratio for the entire area stood at 60.6% last month. Moreover, the inventory continued to decline, dwindling from 1.8 months in April to a mere 1.7 months in May.
LSTAR Stats Indicate That Home Prices are Improving From Earlier This Year
“The month-over-month increases in home sales and prices continued in May in LSTAR’s jurisdiction, thus indicating a further rebound of the local real estate market,” said 2023 LSTAR President Adam Miller. “Throughout the last three months of 2023, an upward trajectory in the quantity of residential property sales and corresponding price hikes has persistently caught our attention. These trends demonstrate the enduring presence of a fervent demand for properties in our area, despite the obvious lack of housing supply,” Miller added.
The average home price in May 2023 reached $682,561, while the composite MLS® HPI Benchmark Price sat at $619,800. Furthermore, the table below presents the May benchmark prices for all housing types within LSTAR’s jurisdiction, showcasing a comparison between current values, those from the previous year, and those from six months ago.
| MLS® Home price Index Benchmark Prices | |||
|---|---|---|---|
| Benchmark Type | May 2023 | Change Over May 2022 | Change Over January 2023 |
| LSTAR Composite | $619,800 | ↓11.9% | ↑7.4% |
| LSTAR Single-Family | $666,900 | ↓11.1% | ↑8.2% |
| LSTAR One Storey | $607,000 | ↓11.1% | ↑7.7% |
| LSTAR Two Storey | $708,500 | ↓11.0% | ↑8.6% |
| LSTAR Townhouse | $513,400 | ↓15.2% | ↑5.2% |
| LSTAR Apartment | $394,000 | ↓15.0% | ↑0.9% |
In terms of housing preferences, the single-family home remained the top choice among local buyers, with 608 units sold, followed by 128 condo townhouses and 68 apartments. “Notably, condo and apartment sales experienced substantial year-over-year increases in May, rising by 18.5% and 13.3%, respectively. Additionally, apartments saw the smallest decline in average price compared to the previous year,” Miller noted.
“Despite fluctuations, homes in our area continue to offer relative affordability when compared to provincial and national values.” Citing data from the Canadian Real Estate Association (CREA), Miller referred to the most recent HPI benchmark prices for May, available in the chart below.
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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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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