Real Estate Market Update January 2019
Here is your Real Estate Market Update January 2019
LSTAR ( The London and St. Thomas Association of REALTORS®) has released the market update for London & area January 2019.
January Update
- 525 homes* were sold in January
- Up 17.4% over January 2018
- The number of home resales was higher than the 10-year average
- Second highest number of units sold in January since 2010
Analysis
LSTAR President offered the following comments: “We’re starting to observe signs of movement toward more balance in the marketplace, based on the sales-to-new listings ratio. In January, the ratio was 60.9% across LSTAR’S jurisdiction. The Canadian Real Estate Association (CREA) says a ratio between 40% and 60% is generally consistent with a balanced market.”
London Update
- Average sales price was $387,859
- Up 11.2% from last January
St Thomas Update
- Average home sales price in St. Thomas was $343,178
- Up 34% compared to January 2018
- Up 68.9% compared to January 2014
Across The Region
Average home sales price made steady gains in the five major areas of LSTAR’s region. In London, the average sales price was $387,859 up 11.2% from last January, while it was $398,150 in Strathroy, an increase of 41.4% from January 2018.
London Breakdown
London North
- Average sale price of $477,615
- Up 18.1% from the same period last year
London South
- Average sales price of $381,120 in January
- Up 6.6% compared to January 2018
- Up 95.8% compared to just 10 years ago
The following chart is based on data taken from the CREA National MLS® Report for December 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.
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