London Ontario and Area House & Condo Sales for June 2018
1080 homes in the London and St. Thomas Association of REALTORS® (LSTAR) area were sold in June, less than in June 2017, which was a record-setting month with 1,264 homes sold!
Sales activity remains above the 10-year average, as the marketplace continues to manage the lowest inventory levels since 2009. Average home prices are making slight gains all across the region.
London East made the biggest gains, with the average June sales price at $295,541, up 11.7% from June 2017 and up 34.7% compared to June 2016. London North saw an increase of 11.6% from June 2017 with the average sales price of $479,237. That’s up 39.9% compared to June 2016. Meanwhile, the average sales price in London South was $372,881, up 9.2 percent from June 2017 and up 36.6% from June 2016.
Overall, the average June sales price in London and St. Thomas was $370,247, up 10.5% from June 2017 and up 32.7% from June 2016. Going further back, it’s a 72.0% increase compared to the average sales price 10 years ago.
In June, there were 1,779 active listings, down 4.3% from this time last year and down 40.0% from June 2016. The sales-to-new listings ratio was 72.0%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favours sellers (a ratio between 40% and 60% is generally consistent with a balanced market). So for those considering selling their home, now would be an optimal time to get your house or condo on the market!
St. Thomas saw a total of 99 homes sold in June, down 9.2% from the same period last year. For inventory, there were 76 active listings, down 32.7% from last June and down 53.1% from June 2016. The average home sales price in St. Thomas was $294,471, up 5.5% from June 2017 and up 25.7% from June 2016.
The following chart is based on data taken from the National MLS® Report for May 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.