August Home Sales Remain Strong
LSTAR – The London and St Thomas Association of REALTORS® announced 931 homes exchanged hands in August, making it the 2nd best August for sales since the Association began tracking data in 1978.
The average home sales price was $501,584 in August, up 22% over August 2019 and up more than 55% compared to the same time just three years ago.
These average sales price include all housing types. Single detached to high-rise condos.
The following graphic illustrates last month’s average home prices by area and how they compare to the values recorded at the end of August 2019.
How Long Are Sales Taking?
The median number of days:
St. Thomas: 9
Sale Prices Across Canada
The following chart is based on data taken from the CREA National Price Map for August 2020. It provides a snapshot of how home prices in London and St. Thomas compare to some other major Ontario and Canadian centres.
DID YOU KNOW?
According to a research, 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.
This means that London areas August home sales could translate into more than $62 million going back into the local economy within the next few years.
The business of real estate is key to driving the economy.