London Real Estate Update – May 2020
Here is your London Real Estate Update May 2020.
LSTAR (The London and St. Thomas Association of Realtors) has released it’s market update for May 2020.
Market Highlights
668 homes exchanged hands last month
Decrease of 41.6% from May 2019
26.3% less than in May 2010
New listings was 973 in May
Decrease of 42.3% decrease from a year ago
Market Update Video
LSTAR Observations
“Even though the total number of residential transactions remained well below the 10-year average, in May, we saw notable month-over-month increases: 42.4% in home sales and 31.8% in listings, which we find very encouraging. In addition, when looking at the year-over-year percentage changes, one can notice that the decrease in home sales is directly proportional to the one in listings, which means that the ratio between supply and demand is almost unchanged.”
Average Price Changes
Overall average home price saw an increase of 7.4% over a year ago, rising to $445,732 in May
Area May 2020 Average Sale Price Change over May 2019
Elgin County $396,754 ↑ 14.7%
London $450,114 ↑ 6.2%
Middlesex County $550,902 ↑ 13.0 %
St. Thomas $370,182 ↑ 1.7%
Strathroy $425,749 ↑ 16.8%
LSTAR $445,732 ↑ 7.4%
Breakdown By Area in London
East was $365,261, up 8.4% from the same time last year
North increased 7.7% over the same period to $531,626
South the average home price was $462,334, up 6.5% over May 2019
St. Thomas saw an average price of $370,182, an increase of 1.7% from last May
Home Prices Across London & Area
Home Prices Across Canada
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