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 October 2023!
Welcome to the October 2023 edition of The MYLIE Group’s Real Estate Team newsletter. As the leaves continue to transform, and the crisp autumn air fills the atmosphere, we are delighted to provide you with the latest insights and updates from the realm of real estate. October brings change, and that includes the real estate scene.
Whether you’re looking to buy a home, exploring investments, or just love everything about real estate, our newsletter is your go-to for what’s happening in London, Dorchester, St. Thomas, Talbotville, Parkhill, and nearby areas. In this edition, you’ll find all sorts of good stuff, like what’s trending in the market, expert tips, and some cool properties that might be your next dream home.
We’re here to give you the knowledge and tools you need to make savvy choices in the ever-evolving world of real estate.
Let’s dive in
476 homes exchanged hands in London!
September ushered 1,320 new listings on the local home market, 12.6% more than the same time a year ago. The number of new listings is the highest recorded for September since 2014. “As new listings start to see larger increases, we have moved into a marketplace that shows some balance between sellers and buyers,” said Adam Miller, 2023 Chair of the London and St. Thomas Association of REALTORS® (LSTAR).
“Housing supply also saw a healthy jump to 4.4 months of inventory, from 3.4 months in August. We haven’t seen those kinds of numbers in years.”
Market is beginning to look balanced in London, Ontario
September home sales tapered slightly, with 476 homes exchanging hands via the LSTAR MLS® System, down 6.5% compared to September 2022. The September total was a little down from the previous month, which recorded 569 sales.
“With the affordability challenges and increased inventory, we expected a dip in activity,” Miller said. “When you compare the sales over the last few months, the activity is fairly consistent. There is still high demand for homes across the region. With less urgency and more options, it’s giving buyers more time in the market.”
The table below highlights home sales, average home prices and benchmark prices in LSTAR’s jurisdiction over the past four months.
| MLS® Home price Index Benchmark Prices | |||
|---|---|---|---|
| Benchmark Type | July 2023 | August 2023 | September 2023 |
| LSTAR Home Sales | 640 | 569 | 476 |
| LSTAR Overall Average Price | $668,821 | $663,663 | $633,848 |
| LSTAR Composite MLS® HPI Benchmark Price | $612,800 | $607,400 | $595,300 |
The overall sales-to-new listing ratio for LSTAR was 36.1% in September, down from 46.9% in August. According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced market.
“It’s important to remember that every home transaction is unique,” Miller said. “Based on what the Bank of Canada decides to do during its next announcement on October 25, your local REALTOR® can help navigate this ever-changing environment, with real-time data and professional guidance.”
The September average home price was $633,848, down from $663,663 in August. The composite MLS® Home Price Index (HPI) Benchmark Price was $595,300 down from $607,400 in August. The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.
The table below shows the September benchmark prices for all housing types within LSTAR’s jurisdiction, comparing changes from the previous month and three months ago. “When compared to other values recorded provincially and nationally, homes in the LSTAR area continue to remain relatively affordable,” Miller said.
| MLS® Home price Index Benchmark Prices | |||
|---|---|---|---|
| Benchmark Type | September 2023 | Change Over August 2023 | Change Over June 2023 |
| LSTAR Composite | $595,300 | ↓2.0% | ↓4.9% |
| LSTAR Single-Family | $639,700 | ↓1.8% | ↓5.1% |
| LSTAR One Storey | $592,100 | ↓0.3% | ↓3.0% |
| LSTAR Two Storey | $674,300 | ↓2.7% | ↓6.2% |
| LSTAR Townhouse | $501,700 | ↓1.6% | ↓3.6% |
| LSTAR Apartment | $376,800 | ↓5.5% | ↓4.1% |
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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