November 2023 Real Estate Trends with Elevate Real Estate Group

As we navigate through the latter part of 2023, the London and St. Thomas real estate market presents a captivating picture of fluctuating trends. Elevate Real Estate Group with Royal LePage Triland is here to provide a detailed analysis of the November 2023 real estate trends, enriched with key statistics and figures.

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In November, the region witnessed 421 home sales, marking an 8.9% decrease compared to November 2022. This decline reflects the current market’s cautious sentiment yet indicates a strong undercurrent of demand that could lead to a robust market in early 2024.

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Average Home Prices

The average home price in the LSTAR area was $605,661 in November, slightly decreasing from October’s $629,605. This slight price dip could present a favourable opportunity for buyers. The Composite MLS® Home Price Index (HPI) Benchmark Price also experienced a decrease, settling at $577,400, down from October’s $592,100.

Housing Supply

The housing supply slightly increased from 4.3 months in October to 4.7 months in November, hinting at a more balanced market. Newly listed properties also significantly changed, dropping from 1,232 in October to 928 in November, yet setting a record high for new November listings.

Area Stats

Area-specific statistics reveal diverse trends. For instance, the HPI Benchmark Price in areas like Central Elgin stood at $596,200, while London North saw a higher figure of $681,300. Similarly, the average price in London South was $614,409, indicating varied market dynamics across different regions.

As your trusted real estate advisor, Elevate Real Estate Group with Royal LePage Triland is dedicated to helping you understand these trends and make informed decisions. Whether you’re a buyer, a seller, or simply keeping an eye on the market, our expert team is here to provide you with the latest insights and guidance.

Please stay connected with us for more detailed market updates and expert analyses as we help you navigate the ever-evolving real estate landscape.

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Elevate Real Estate Group

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Want more details on the current market? You can find more information about the current market here: London & St Thomas Association of Realtors.

November Newsletter

Elevated Excellence in Real Estate…

When you ask their clients, both old & new, they will tell you that the Elevate Real Estate Group with Royal LePage Triland in London, Ontario, sets themselves apart in a crowded real estate field with their dedication and focus on Ethical Behaviour, the Best Client Experience Possible, and a Commitment to Excellence.

The Elevate Real Estate Group is not focused on real estate awards, how many homes can be sold in a year, how fast you can move on to the next client or being the most recognized “name” in the industry.

They care about Every Client, Every Deal, Every Time. They believe that everyone, from first-time home buyers to seasoned real estate investors, deserves the respect of receiving an Elevate Real Estate Experience.

Learn more about us here: Elevate Real Estate Group.

Elevate Team Members Stewart, Brittany, Jeremy, and Victoria’s profiles are here: About Us.

You can read some testimonials from past clients here: Client Review.

Want to learn more about the neighbourhoods in and around London? Look at the guide page: Neighbourhoods.

Are you looking for a real estate-related service? Preferred Vendors.

Are you looking for your next home? Search MLS here or View Our Listings.