Real Estate Market Update Sept 2019

LSTAR, The London & St Thomas Association of Realtors, have announced the market stats for September 2019. In London & area 861 homes were sold. This marks the second best September for home sales since 1978.

The President of the London & St Thomas Realtors Association offered the following comments: “In September, home resales across the region were up 11.8%, compared to the same month last year. With three months left in the year, almost 8,000 homes have exchanged hands, which is up 3.6%, compared to this period in 2018.”

Current Inventory

• Current inventory remains low
• Active listings sit at 1,841,
• An increase of 8.8%, compared to September 2018
• Well below the 10-year average

Inventory Impact

Low inventory will more often than not drive home prices higher. Each of LSTAR’s five areas saw this impact.

• Elgin + 20.4%
• Middlesex +6.6%
• Strathroy +6.5%
• London +5.1%
• St Thomas +4.3%

Average Prices

Average home price across all of LSTAR was $412,208. This is up 6.8% September 2018.

London Area Breakdowns

Average Prices Across London

• East was $343,404, up 13.7% from last September
• South was $406,388, up 5.4%
• North was $485,102, down 2.2% over last September

Average Sale Prices Across Canada

The following chart is based on data taken from the Canadian Real Estate Association (CREA) National MLS® Report for August 2019 (the latest CREA statistics available). It provides a snapshot of how average home prices** in London and St. Thomas compare to some other major Ontario and Canadian centres.

According to a research report¹, a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase. “Based on the home resales in September, that’s generating potentially more than $58 million back into the local economy for the next few years,” Taylor said.