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 April 2023!
Happy May Everyone!
Welcome to the May 2023 edition of The MYLIE Group’s Real Estate newsletter. 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!
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!
Demand and Supply Issue Still Present
In April 2023, 964 new properties came on the market and 723 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). “Since the beginning of 2023 we’ve been noticing steady month-over-month increases in the number of home sales and prices, which indicate that the property demand and the housing supply issue are still there. Both of these are also demonstrated by the sales-to-new-listings ratio, which sky-rocketed in April, and by the dwindling housing inventory,” said 2023 LSTAR President Adam Miller.
Sales-to-New-Listings Ratio on the Rise
The overall sales-to-new-listings ratio for the entire London-St. Thomas area climbed from 63.5% in March to 75% in April, while the inventory plunged from 2 months in March to only 1.8 in April. “Out of the five main regions of LSTAR, the city of St. Thomas was the one with the lowest number of properties available for sale, with only one month of housing inventory in April,” Miller emphasized.
In April 2023, in the jurisdiction of LSTAR, the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price were lower compared to the same month in the previous year, by 13.6% and 17.1% respectively. However, both these figures were higher than those seen in the previous months. The average home price for LSTAR in April 2023 was $664,149, while the composite MLS® HPI Benchmark Price was $607,200. The following table shows how home sales and prices evolved in the first quarter of this year in LSTAR’s jurisdiction.
| January 2023 | February 2023 | March 2023 | April 2023 | |
|---|---|---|---|---|
| LSTAR Home Sales | 344 | 436 | 685 | 723 |
| LSTAR’s Overall Average Price | $585,252 | $621,912 | $653,611 | $664,149 |
| LSTAR’s Composite MLS® HPI Benchmark Price | $568,300 | $583,500 | $592,600 | $607,200 |
Last month, the single-family home remained on top of the local buyers’ preferences, with 519 units sold. The condo townhouse ranked second, with 100 units changing hands. The apartment came in third place, with only 61 units sold.”Since the Bank of Canada pressed the pause button on interest rate hikes, single-family homes saw month-over-month gains in their MLS® HPI Benchmark prices. In April 2023, LSTAR’s overall MLS® HPI Benchmark Price for single-family homes stood at $654,100,” observed Miller.
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.
Don't Miss Out!
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!
Don’t forget to follow us on social media!
