603 London Ontario Homes in February 2019

603 homes were sold in the London and St. Thomas Association of REALTORS® (LSTAR) area in February 2019, up 5.6% over February 2018. The number of home resales was right on par with the 10-year average.

2019 real estate trends London Ontario

Two months into 2019, there have been 1,128 home resales, up 10.8% compared to the same time last year.

Across the five major areas of LSTAR’s region, average home sales price continued to make healthy gains. The largest year-over-year gain was in Elgin County, with a February average sales price of $360,800, up 33% compared to February 2018.

Meanwhile, in London, the February average sales price was $405,186, up 13.5% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $393,911, up 12.5% compared to February 2018.

Area February Average Sale Price
Elgin County $360,800
London $405,186
Middlesex County $469,094
St. Thomas $306,279
Strathroy $365,534
LSTAR $393,911

The average sales price for a 2-storey home in London was $543,114, up 12.7% from February 2018. In comparison, the average sales price for a high rise apartment condominium was $246,070, up 27.1% compared to the same month in 2018. And the average sales price for a 1-storey home (bungalow or ranch style) was $368,664, up 8.9%, compared to February 2018.

The following chart** is based on data taken from the CREA National MLS® Report for January 2019 (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.

January real estate London Ontario prices

London Ontario Real Estate Market For November 2018 Saw Price Increases

The London Ontario real estate market in November 2018 was quite robust with seven hundred forty-six homes sold through The London and St. Thomas Association of REALTORS® (LSTAR) in November, up 6.7% over November 2017 & 3 short of the record 749 sales in November 2016.

November had 898 new listings, an increase of 17.5% over the same month last year. The area of London East continues to be making healthy gains in both new listings and average sales price. It had 192 new listings, up 24.7 % from November 2017, where the average sales price was $302,737, up 18.7% from 2017 and up 58.9% compared to five years ago. Going back further, that’s up 75.0% compared to 10 years ago!

In London North, the average sales price was $482,202, up 24.4% from last November and up 62.4% compared to the same month five years ago. It’s an increase of 98.7% compared to the average sales price in 2008.

The sales-to-new listings ratio was 83.1%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a rate between 40% and 60% is generally consistent with a balanced market). Looking at the major centres, St. Thomas had the highest sales-to-new listings ratio at 97.0%.

Contact me for a breakdown of prices in your neighbourhood or street, or condominium sales and prices.

The following chart is data taken from the CREA National MLS® Report for October 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.

London Ontario Real Estate Marker Comparisons