May Sales Down 24.4% For London Ontario Real Estate and Area
1171 homes were sold in London Ontario & area in May, as reported by our local MLS board, The London and St Thomas Association of REALTORS® (LSTAR). Sales were down 24.4% over the same time last year, which saw a record-setting month for May with 1,549 homes sold. The May 2017 home sales stand as the highest ever sales month in LSTAR’s history, since the Association began tracking sales data in 1978.
The homes sold were actually above the 10-year average, despite the ongoing challenge of low inventory in the marketplace. Similar to what’s happened each month this year, home prices continue to gradually increase across the region, as fewer homes are available for sale.”
The average May sales price in London and St. Thomas was $366,096 up 6.4% over May 2017 and up a whopping 28.4% over May 2016. By geographic area, London South was $370,851 up 4.4%, in London North the average home sales price was $451,556 up 4.7%, while in London East, it was $291,359 ,an increase of 11.1% from May 2017.
In St. Thomas, the average sales price was $288,723 up 11.2% over May 2017. St. Thomas saw a total of 100 homes sold in May, down 12.3% from the same period last year. For inventory, there were 82 active listings, down 28.1% from last May and down 49.7% from May 2016.
The trend over the past 6 months in the marketplace is low inventory, which remains at its lowest level in 10 years!
In May, there were 1,643 active listings, down 7.7% from this time last year and down 44.6% from May 2016. The sales-to-new listings ratio was 70.8%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favours sellers.
The following chart is based on data taken from the CREA National MLS® Report for April 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.