Real Estate News for September 2023

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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 September 2023!

Happy September Everyone!

Welcome to the September 2023 edition of The MYLIE Group’s Real Estate Team newsletter. As the leaves begin to change and the air carries a hint of autumn, we’re excited to bring you the latest insights and updates from the world of real estate. September marks a time of transition, and it’s no different in the real estate market. Whether you’re a prospective homebuyer, a curious investor, or simply a lover of all things real estate, our newsletter is your trusted guide to navigating exciting real estate developments in the London, Dorchester, St. Thomas, Talbotville, Parkhill, and surrounding areas.

In this edition, we have a wealth of information to share, from market trends and expert advice to featured properties that could be your next dream home. Our goal is to empower you with the knowledge and resources you need to make informed decisions in the ever-changing real estate landscape.

Let’s dive in!

569 homes exchanged hands in London!

Last month, 569 homes exchanged hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 3.2% fewer than in August 2022. During the same period, 1,212 new listings came on the market, 13.2% more than in the eighth month of 2022. The local housing supply saw a slight increase from 2.9 months of inventory in July to 3.4 months in August. 

“In August, the local real estate market experienced a lull, with home sales hitting their lowest point since 2014. Whether that was just a simple summer lull or a direct effect of the Bank of Canada’s mid-July decision to raise interest rates and their messaging about the lingering above-target inflation, that remains to be determined by the real estate activity we’ll see in the next few months,” said 2023 LSTAR Chair Adam Miller.

With new listings outpacing sales, LSTAR’s overall sales-to-new listings ratio fell to 46.9% in August. “This gave buyers more options and slowed the rate of price growth in our area,” Miller added.

Average Price for Real Estate Goes Down Slightly from July

August’s overall average home price sat at $663,663, slightly lower than in the previous month, but 4.2% higher than a year ago. LSTAR’s composite MLS® HPI Benchmark Price came in at $607,400, 0.9% down from July, but 1% over a year ago. 

“The average sales price is determined by adding up the sale prices of all types of homes sold and dividing that total by the overall number of units sold. In contrast, the HPI benchmark price provides insight into the value of what’s considered a ‘typical home’ according to local buyers, taking various housing characteristics into account. While averages can be influenced by a small number of high-end sales occurring within a single month, the HPI benchmark prices offer a more reliable means of identifying long-term price trends,” Miller explained.

The table below shows the August benchmark prices for all housing types within LSTAR’s jurisdiction, comparing changes from the previous month and six months ago.

MLS® Home price Index Benchmark Prices
Benchmark TypeAugust 2023Change Over July 2023Change Over 6 months
LSTAR Composite$607,400↓0.9%↑3.9%
LSTAR Single-Family$651,200↓1.0%↑3.6%
LSTAR One Storey$593,600↓0.1%
LSTAR Two Storey$692,700↓1.4%↑2.6%
LSTAR Townhouse$510,100↓1.3%↑4.6%
LSTAR Apartment$398,700↑1.5%↑9.4%

The single-family home remains the favourite house type of local buyers, with 427 sales in August. Condominium townhouses rank second, with 86 units sold, followed by apartments, with 51 units exchanging hands. 

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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