April Sales Down 19.6% in London Ontario and Area
983 homes were sold in April 2018 recorded by The London and St. Thomas Association of REALTORS® (LSTAR), down 19.6% over April 2017, which set a record for the best April results since LSTAR began tracking sales data in 1978.
Home sales are down compared to the record breaking total in 2017 but they remain at par with the 10-year average. Home prices continue to rise across the area as there are fewer homes for sale than average.
The average April sales price in London and area was $367,433 up 5.0% over April 2017 and up 33.6% over April 2016. By geographic area, London South was $375,031 up 0.9% from last April. In London North, average home sales price was $454,847 up 7.3% compared to the previous year, while in London East, it was $306,469, an increase of 14.1% from April 2017.
In St. Thomas, it was $285,316 up 7.7% over last April with 72 homes being sold, down 23.4% from the same period last year. When looking at inventory, there were 56 active listings, down 38.5% from last April and down a huge 68.5% from April 2016.
Over the last few months, London has been challenged with low inventory, and that trend continued in April as there were only 1,401 active listings, down 13.9% from this time last year and down a whopping 50.6% from April 2016. The sales-to-new listings ratio was 70.9%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favours sellers.
As the spring season is here, this may be an opportune time if you’re considering selling your home.
The following table is based on data taken from the CREA National MLS® Report for March 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 St. Thomas||