Elevate Your Understanding: October Real Estate Trends in London, Ontario

As we dive into the real estate trends of October 2023 in London, Ontario, it’s clear that the market is presenting new opportunities for homebuyers. The London and St. Thomas Association of REALTORS® (LSTAR) has recently released data that sheds light on the current state of the market. Let’s break down what this means for you, whether you’re buying, selling, or just keeping an eye on the market.

Record-Level Listings:

October saw a remarkable number of new listings, reaching a record high of 1,232 for the month. Despite a slight decrease in sales compared to last year (0.5% less), the market experienced a 2.45% increase from the previous month, with 488 homes being sold.

Balanced Market Indicators:

The overall sales-to-new listings ratio stood at 39.6% in October. This figure is slightly below the balanced market range of 40%-60% as defined by the Canadian Real Estate Association (CREA). This shift indicates a market that is gradually moving in favour of buyers, offering them more choices and negotiating power.

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Housing Supply and Prices:

Housing supply remained stable, with a marginal decrease from 4.4 months in September to 4.3 months in October. The average home price in LSTAR’s jurisdiction was $629,605, a slight decrease from September’s $633,848. The composite MLS® Home Price Index (HPI) Benchmark Price was $592,100, also showing a minor decrease from the previous month.

Regional Price Overview:

We also saw varied trends across different regions in LSTAR’s jurisdiction. For instance, the HPI Benchmark Price and average prices in areas like Central Elgin, London East, and London South demonstrated diverse patterns, reflecting the unique dynamics of each area.

Economic Impact:

The real estate transactions in October are expected to contribute significantly to the local economy. The local economic boost could be substantial, with an average housing transaction in Ontario triggering around $77,420 in secondary spending within three years of purchase.

Conclusion:

For those looking to enter the market, now might be a strategic time to explore your options. With the market showing signs of balance and a wealth of choices available, buyers can approach their property search more easily.

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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.

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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.

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