Real Estate Market Update – October 2018
October 2018 Was A Record Month For Home Sales
LSTAR (London and St. Thomas Association of REALTORS®) has released its market update for October 2018. The report indicates another record setting month for real estate in London.
906 homes were sold in October
Up 11.9% over the same month last year
Best monthly total for October, since LSTAR began tracking data in 1978
LSTAR President offered the following comments: “It was a very strong October, with home resales high above the 10-year-average. One of the trends we saw in October was a healthy increase in the number of new listings to the marketplace. October had 1,171 new listings, up 38.1% compared to October 2017. Average sales price continues to make steady gains as well all across the region.”
Breakdown By Area
London East
- Average sales price was $311,954
- Up 25.5% from 2017
- Up 62.7% compared to five years ago
London South
- Average sales price of $396,019
- Up 19.9% from 2017
- Up 63.4% compared to five years ago
London North
- Average sales price of $447,036
- Up 10.7% from last October
- Up 46.0% compared to five years ago
St. Thomas
- Average sales price was $315,464
- Up 11.8% from October 2017
- Up 46.8% compared to five years ago
Average Real Estate Transaction Prices Across Canada
*Data from CREA.ca
Did You Know?
According to a research report, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated each time a home changes hands in Ontario.
