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.
