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May 2020 Real Estate Market Update

LSTAR (The London and St. Thomas Association of Realtors) has released it’s market update for May 2020. 

Market Highlights

  • 668 homes exchanged hands last month
  • Decrease of 41.6% from May 2019
  • 26.3% less than in May 2010
  • New listings was 973 in May
  • Decrease of 42.3% decrease from a year ago 

Market Update Video

 

LSTAR Observations 

“Even though the total number of residential transactions remained well below the 10-year average, in May, we saw notable month-over-month increases: 42.4% in home sales and 31.8% in listings, which we find very encouraging. In addition, when looking at the year-over-year percentage changes, one can notice that the decrease in home sales is directly proportional to the one in listings, which means that the ratio between supply and demand is almost unchanged.” 

Average Price Changes

  • Overall average home price saw an increase of 7.4% over a year ago, rising to $445,732 in May
Area May 2020 Average Sale Price Change over May 2019
Elgin County $396,754 ↑ 14.7%
London $450,114 ↑ 6.2%
Middlesex County $550,902 ↑ 13.0 %  
St. Thomas $370,182 ↑ 1.7%
Strathroy $425,749 ↑ 16.8%
LSTAR $445,732 ↑ 7.4%

Breakdown By Area

  •  London East was $365,261, up 8.4% from the same time last year
  • London North increased 7.7% over the same period to $531,626
  • London South the average home price was $462,334, up 6.5% over May 2019
  • St. Thomas saw an average price of $370,182, an increase of 1.7% from last May

Home Prices Across London & Area 

 

 

 

Home Prices Across Canada