London Real Estate Market Update May 2019

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5 years ago

London Real Estate Market Update May 2019

Here is your real estate market update for May 2019.

Market Breakdown

1,146 homes exchanged hands last month
1% less than in May 2018
26% down from May 2017
Number of active listings for the same area sat at 1,855 in May

LSTAR President offered the following comments “Some of the May figures show signs of market stabilization, with London North, Elgin County and Middlesex County entering a more balanced territory. This is not the case of St. Thomas, which is still very much a Sellers’ Market. In fact, last month, the sales-to-new listings ratio was higher in St. Thomas than in London – 78.9% versus 69.6% – which means that the existing market conditions in the Railway City clearly favour home sellers. Moreover, the inventory continues to be very low in St. Thomas, while the average home sale price sits at an all-time high of $363,947.”
The Canadian Real Estate Association (CREA) offered a further breakdown:

In London: median number of days spent on market by the London residential properties was eight
Elgin County: the median number of days on market was 22
Middlesex County: median number of days 15
St. Thomas and Strathroy: median was 13

Average Prices In Region

Average home price in the London area was $414,878
Slight decrease from April 2019, but it’s 13.3% up over May 2018
Average price in London East was $337,443 – up 15.6% from last May
London North, the average home sales price was $492,089 – up 9% compared to the previous year
London South, it was $434,017 – an increase of 17.2% from May
St. Thomas, it was $363,947 – up 25.5% over last May