March Sales Down 37.9% in London Ontario and Area
Home sales in London Ontario and area in March 2018 were down 37.9% from March 2017 as reported by The London and St Thomas Association of Realtors (LSTAR), with 769 homes being sold.
Very few houses and condos for sale, for example, there were 1,192 active listings (homes for sale), down 20.4% from this time last year and down 55.3% from March 2016. This is similar to last month with the March 2018 inventory being the lowest level for the month in the last 10 years.
Average home sales price across London and St. Thomas continues to rise, despite the low inventory. The average March sales price in the region was $364,112 up 8.6% over March 2017.
Geographically, London South was $360,587 up 3.1% from last March. London North, average home sales price was $438,827 up 7.1% compared to the previous year, while in London East; it was $291,161 an increase of 8.4% from March 2017. In St. Thomas, it was $295,980 up 18.5% over last March.
According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced housing market. In March, London and St. Thomas had a sales-to-new listings ratio of 75.1%, which CREA says represents conditions in the marketplaces that favour sellers. It reinforces the trends LSTAR Members have been experiencing, with low supply and high demand, and also managing multiple offer situations and out-of-town interest in our region.”
St. Thomas saw a total of 73 homes sold in March, down 29.1% from the same period last year. When looking at inventory, there were 42 active listings, down 51.2% from last March.
The following chart is based on data taken from the CREA National MLS® Report for February 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.