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 November 2023!
Welcome to the November 2023 edition of The MYLIE Group’s Real Estate Team newsletter. Whether you’re actively seeking a new home, exploring investment opportunities, or simply share a deep appreciation for all aspects of the real estate world, our newsletter stands as your ultimate resource for staying informed about the latest developments in London, Dorchester, St. Thomas, Talbotville, Parkhill, and the surrounding areas.
November signifies the commencement of The MYLIE Group Real Estate Team’s 4th annual Give and Get Food and Toy Drive, running until December 15, 2023. We invite you to visit our dedicated fundraising page to learn more about this heartfelt initiative and to contribute. Rest assured, every cent of your donation directly contributes to making a positive impact in our local community.
In this edition, we’ve curated a wealth of valuable content, including insights into the most recent market trends, expert tips from industry leaders, and a selection of captivating properties that could very well be your next dream home. Our mission is to equip you with the knowledge and tools necessary to make informed decisions in the constantly evolving realm of real estate. So, without further ado, let’s delve into the November edition and uncover the exciting opportunities and trends within our local real estate market.”
Let’s dive in
488 homes exchanged hands in London!
488 homes exchanged hands in October 2023 via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 2.45% more than during the previous month, but 0.5% less than a year ago. The number of new listings climbed to 1,232, which marks a record high for the month of October. Housing supply stayed virtually unchanged from last month, decreasing only very slightly from 4.4 months in September to 4.3 months in October.
“Amid healthier inventory levels, modest sales, and a surge in new listings, it appears the local housing market is leaning in favour of homebuyers. The scales are tilting, offering buyers greater opportunities,” said Adam Miller, 2023 Chair of the London and St. Thomas Association of REALTORS® (LSTAR). “This was also reflected by October’s overall sales-to-new listings ratio,” he added.
The overall sales-to-new listings ratio for LSTAR was 39.6% in October, up from 36.1% in September, but 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. “In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they’ve truly reached their peak or if they still have room to grow,” Miller explained.
Market is beginning to look balanced in London, Ontario
The October average home price in LSTAR’s jurisdiction was $629,605, down from $633,848 in September. The composite MLS® Home Price Index (HPI) Benchmark Price sat at $592,100, slightly down from $595,300 in September. 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 following table indicates the average and MLS® HPI Benchmark Prices recorded last month in LSTAR’s main regions.
| Area | October 2023 MLS® HPI Benchmark Price | October 2023 Average Price |
|---|---|---|
| Central Elgin | $617,900 | $711,866 |
| London East | $482,400 | $495,188 |
| London North | $691,000 | $714,362 |
| London South | $589,900 | $608,702 |
| Middlesex Centre | $819,000 | $1,017,529 |
| St. Thomas | $526,900 | $554,683 |
| Strathroy-Caradoc | $755,000 | $672,518 |
| LSTAR | $592,100 | $629,605 |
The table below shows the October benchmark prices for all housing types within LSTAR’s jurisdiction, and how they stack up against those recorded in the previous month and three months ago.
| MLS® Home price Index Benchmark Prices | |||
|---|---|---|---|
| Benchmark Type | October 2023 | Change Over September 2023 | Change Over July 2023 |
| LSTAR Composite | $592,100 | ↓0.5% | ↓3.4% |
| LSTAR Single-Family | $633,200 | ↓1.0% | ↓3.7% |
| LSTAR One Storey | $589,400 | ↓0.5% | ↓0.8% |
| LSTAR Two Storey | $665,200 | ↓1.3% | ↓5.3% |
| LSTAR Townhouse | $508,700 | ↑1.4% | ↓1.6% |
| LSTAR Apartment | $376,800 | ↑2.3% | ↓1.9% |
“Compared to provincial and national benchmarks, homes within the LSTAR jurisdiction maintained their reputation for affordability, making our region an appealing housing market for many,” Miller said.
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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