London Real Estate Market Update August 2018

Here is your London Real Estate Market Update August 2018

The London & St Thomas Association of Realtors or LSTAR has released its real estate market update for August 2018. Here is our breakdown of the numbers.

923 homes were sold in August, up 2.2% over the same time last year
August 2018 marked the second best August for home resales since the Association began tracking sales data in 1978
August 2016 holds the record, with 999 home resales

President of LSTAR offered the following comments: “It was a very strong summer for home resales, with August achieving very solid numbers. Resale activity has performed high above the 10-year average, despite low inventory, which the marketplace has experienced all year. The average sales price continues to rise: it was $378,511, up 18.0% from August 2017. When you go back five years, that’s up 54.2% compared to August 2013.”

Breakdown By Region

London South

Average sales price of $381,636
Up 17.5% from August 2017
Up 55.8% from August 2013

London East

Average sales price of $287,162
Up 16.6% from August 2017
Up 38.9% from August 2013

London North

Average sales price was $466,654
Up 11.9% from August 2017
Up 57.3% from August 2013

St Thomas

Average home sales price was $295,262
Up 17.2% from August 2017
Up 46.9% from August 2013

Other Notable Stats

We continue to experience a 10-year historical low in inventory
August had 1,535 active listings, down 12.6% from this time last year and down 57.6% from August 2013

Average Home Prices Across Canada

The following chart is based on data taken from the CREA National MLS® Report for July 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.

DID YOU KNOW?

According to a research report¹, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated each time a home changes hands in Ontario.