January 2023 Real Estate Market Update -

Here is your January 2023 Real Estate Market Update from The London and St. Thomas Association of Realtors (LSTAR). Released recently, its Residential Market Activity Report for January 2023 provides insight into the state of the local real estate market. The report showed a strong start to the year.

>>>> Watch Us On YouTube

>>>> Follow Us On Instagram

>>>> Find Us On Facebook

Area Sales

In January 2023, there were 574 residential properties sold in the London and St. Thomas area, a 27.5% increase from the 450 properties sold in January 2022. This indicates that demand for homes in the area remains strong and that the market is robust. Residential sale prices increased by 7.5% to $499,217 compared to $464,295 in January 2022.

New Listings

The number of new listings in January 2023 increased by 13.1% compared to last year’s period, with 822 new properties listed compared to 726 in January 2022. This suggests that there are ample opportunities for buyers in the market, providing them with a wide range of choices.

Inventory

The total number of active listings in the London and St. Thomas area decreased by 2.6% to 1,741 compared to 1,784 in January 2022. This indicates that the market is becoming more competitive as the available inventory of homes for sale is decreasing. This will likely lead to upward pressure on prices in the coming months.

Days on Market

The average days on the market for residential properties in the area decreased by 6.5% to 31 days compared to 33 days in January 2022. This suggests that homes are selling more quickly than they were last year, indicating that the market is becoming more competitive and that sellers can sell their homes faster.

Condominiums:

Condominium sales in the London and St. Thomas area increased by 22.9% in January 2023 compared to the same period last year, with 98 condominiums sold compared to 80 in January 2022. The average sale price for condominiums increased by 8.4% to $314,396 compared to $289,211 in January 2022.

Summary

In conclusion, the January 2023 Residential Market Activity Report from LSTAR shows that the London and St. Thomas real estate market is off to a strong start this year, with robust sales and a significant increase in new listings compared to the same period last year. The average sale price for residential properties has increased, and the number of active listings has decreased, indicating that the market is becoming more competitive. The average days on the market have decreased, suggesting that homes are selling more quickly. The condominium market has also improved with increased sales and higher average sale prices. This report is a positive sign for the local real estate market and bodes well for the rest of the year.

You can find the full details from the London & St Thomas Association of Realtors here: January Market Data