LSTAR ( London and St Thomas Association of REALTORS®) have released the July real estate market update for July 2018.
The market in London is still strong with the biggest issue being a lack of inventory.
Market Breakdown July 2018
- 1,000 homes* were sold in July, down 1.8% over the same time last year
- July 2018 marked the third best July for home resales since the Association began tracking sales data in 1978.
The LSTAR President offered the following comments: “The numbers tell us we’re experiencing a very healthy summer for home resales. This is the third consecutive month of at least 1,000 homes being sold and the resale activity remains above the 10-year average. Inventory remains at a 10-year low, while we continue to see an increase in average sales price.”
Market Breakdown By Area
- Average July sales price at $288,648
- Up 14.3% from July 2017
- Up 40.2% from July 2015
- Average July sales price was $441,035
- Up 8.0% from July 2017
- Up 35.9% from July 2015
- Average July sales price was $370,399
- Up 10.9 % from July 2017
- Up 32.2% from July 2015
London and St. Thomas
- Average July sales price was $360,068
- Up 10.3% from July 2017
- Up 34.2% from July 2015
- Up 68.2% compared to the average sales price 10 years ago
Average Home Prices Across Canada
*based on data taken from the CREA National MLS® Report for June 2018 (the latest CREA statistics available).
According to a research report1, 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. “The business of real estate affects all of us, with huge impact to the local economy, generating potentially more than $53 million in July,” Nethercott said. “The home resales have helped create approximately 333 jobs, making a significant contribution to the well-being and quality of life for the communities of London and St. Thomas.”