Here is the local real estate market update for January 2018
LSTAR ( London & St Thomas Association of Realtors) announced 400 homes* were sold in January 2018. This is a large drop from the same time last year. 28.8% decrease to be exact.
LSTAR offered the following comments: “When you take a look at the last 10 years, these results are right in line with the activity we expect in January. One of the areas affecting home sales is low inventory. There were 623 new home listings, down 31.8% from last January, and there were 1,020 active listings, down 27.7% from this time last year.”
Average Home Sale Price Breakdown
- London and St. Thomas average sale price was $333,424, up 9.8% over the same period last year
- South was $351,167 – up 11.5% from last January
- North, average home sales price was $397,075, up 6.2% compared to the previous year
- London East, it was $294,348, an increase of 32.1% from January 2017
- St. Thomas, it was $247,135, up 19.7% over last January
Factors Influencing Home Sales
- weather
- tighter mortgage regulations that took effect on January 1
- low inventory rates
Impact Of The Real Estate Market On Our Local Economy
According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario.
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